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Foreclosure Prevention
Frequently Asked Questions

I am worried about foreclosure. Where can I turn for advice? What will it cost?

An experienced housing counselor can help you review your personal financial situation and plan for the future. Contact the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673). This hotline is staffed by HUD-approved credit counselors who can guide you through your options. You also can search for a HUD-approved housing counselor in your area. There is no charge for these counseling services. You do not need to pay a private company for counseling.

I have an adjustable-rate mortgage
that’s about to reset.
Can I refinance through Fannie Mae?

No. Fannie Mae does not offer loans directly to consumers. Contact your mortgage company to determine if you qualify for a refinance. If your loan is owned by Fannie Mae, ask your mortgage company if you are eligible for a Home Affordable Refinance. Find mortgage company contact information in your mortgage coupon book or monthly mortgage statement.

I'm not yet behind on my mortgage, but worry that I will be. What should I do?

You can discuss your situation with a housing counselor or your mortgage company. Talk with a counselor by calling the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673). Find contact information for your servicer in your mortgage coupon book or monthly mortgage statement.

If I'm delinquent with my mortgage payments, what options do I have?

Your mortgage company can help you understand the options available to you. Be sure to ask your mortgage company about all the financing options available to you. They may include:

  • Home Affordable Modification — in some cases, your mortgage company can change the terms of your mortgage loan to make the payment more affordable.

  • Forbearance — your mortgage company may let you pay a portion of your regular payment or no payment at all for a specific period. At the end of the forbearance period, you begin making regular payments as well as an additional amount to pay off the past-due amount.

  • Repayment Plan — you may be able to catch up on missed payments by creating a schedule for repaying the past-due amount.

  • HomeSaver Advance™ — if your missed payments are due to a temporary financial hardship, you may be eligible for an unsecured personal loan to help you get current with your payments.

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Debt Management and Financial Services! The Internet's oldest and most comprehensive debt management agency! Resources for debt management, consumer credit counseling, debt consolidation loans, debt settlements, legal aid, financial aid, credit and financing, credit reports, budget software, insurance, income resources, tax assistance and more. Get out of Debt! Call Now — 1800DEBT.COM

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