Nonprofit organizations and other experts dedicated to helping property owners in distress to avoid foreclosure:
• Consider contacting your attorney or a local Legal Aid office, especially if you think you were the victim of questionable lending practices. A good place to start is at www.lawhelp.org.
• NeighborWorks® organizations work with the Homeownership Preservation Foundation to offer a nationwide assistance number—888.995.HOPE. You can speak with a counselor, day or night, to help you get back on track financially. (English and Spanish)
• Reputable counseling agencies, such as NeighborWorks® organizations, can help you avoid foreclosure. Look up your nearest NeighborWorks® organization at www.nw.org.
• The U.S. Department of Housing and Urban Development (HUD) website has a list of HUD-approved counseling organizations, by state (www.hud.gov/counseling). The list may be used as a starting point to find good counselors. You also can call 800.569.4287 or TDD 800.877.8339. Watch out for questionable counseling companies who advertise that, for a minimal fee, they will hire a lawyer to defend the foreclosure in court or negotiate lender assistance on your behalf. You should call a HUD-approved counseling organization, a local NeighborWorks® organization, or 888.995.HOPE before you pay or sign anything. (Information courtesy of National Association of Realtors.)
Other Resources:
For immediate advice, call 888.995.HOPE to speak to a counselor on how to avoid foreclosure. Available in English and Spanish, 24/7. Or visit www.995hope.org for more information.
Fannie Mae: http://knowyouroptions.com - Resources for leaving your home or staying in your home.
HUD Resources:
• “How to Avoid Foreclosure” (aimed at FHA borrowers but can help others as well). www.hud.gov/foreclosure.
Freddie Mac: “Keeping Your Home, Protecting Your Investment.” Go to www.freddiemac.com and search for this brochure by typing in the full name of the brochure.
Ginnie Mae: For a simple calculator to help home buyers estimate how much they can afford to spend, read “How Much Home Can You Afford?” http://www.GinnieMae.gov.
“Looking for the Best Mortgage” is a brochure issued by 11 federal agencies on how to shop, compare, and negotiate the best deal on a home loan.
Americans for Fairness in Lending: To find consumer resources related to a variety of lending issues, go to www.affil.org.
Center for Responsible Lending focuses on predatory lending with consumer resources here: www.foreclosurelegalassistance.org/resources.
Consumer Handbook on Adjustable Rate Mortgages (the “CHARM” booklet) issued by the Federal Reserve Board (FRB) and the Office of Thrift Supervision (OTS). http://www.FederalReserve.gov. At the FRB site, click on “publications and education resources” and then on “consumer information brochures.”
Credit-reporting agencies:
Go to www.AnnualCreditReport.com to ask for a free copy of your credit report, once a year, or call 877.322.8228. See also www.FTC.gov or www.myfico.com
