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There is Help for the Homeowner Facing Foreclosure or the Loss of Their Home,
If You are Facing Financial Problems, Call Your Credit Union for Help.
For most families, a home is not only a significant financial investment but also a source of pride. The loss of a home, due to unexpected events such as unemployment, can be financially and personally devastating.
If you are facing a possible foreclosure on your home, and have an adjustable rate mortgage, we urge you to visit www.995hope.org or call 1-888-995-4673 to see if you qualify for an interest rate freeze which would become effective now and continue throughout 2009.
If you have been laid off or are facing unemployment, you can keep your home -- if you know the right steps to take. The Department of Housing and Urban Development/Federal Housing Administration, the Department of Veterans Affairs, the Department of Labor and the mortgage industry have worked together to produce important basic information -- and key links to local groups and organizations -- that can help you get through difficult times without losing your home. For more helpful information see the links below, and remember, if you are unable to pay your mortgage, follow these steps:
- Contact your lender to see how they can assist. Like Bay Cities, most lenders really do want to help.
- Check out the Department of Housing and Urban Development (HUD) and "How to Avoid Foreclosure".
- Contact www.995hope.org 1-888-995-4673.
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If you have been laid off or are facing unemployment, you can keep your home -- if you know the right steps to take. The Department of Housing and Urban Development/Federal Housing Administration, the Department of Veterans Affairs, the Department of Labor and the mortgage industry have worked together to produce important basic information -- and key links to local groups and organizations -- that can help you get through difficult times without losing your home.
Facing Money Problems
Financial problems are most often associated with the following life changes:
- Loss of job
- Cuts in work hours or overtime
- Retirement
- Illness, injury, or death of a family member
- Divorce or separation
If your family is facing any of these changes and cannot pay your bills, now is the time to look closely at what you owe and what you earn, eliminating unnecessary spending and reaching out for help if you still can't meet your financial obligations. Taking action now can help you protect your family from the loss of your home. This page was created to help you find advice, information, and web links that will help you keep your home."
Don't be Fooled -- Beware of Scams
If you are being asked for money in order to assist you with a loan modification, it is likely to be a scam -- a fraud. To learn more, go to http://www.makinghomeaffordable.gov/index.html. For urgent help call the Homeowners Help™ Hotline at 1-888-995-HOPE (4673).
Avoid the bad guy!
- There are people who will contact you and tell you they can help you get out of debt for an up-front fee. This is most likely a fraud scheme. This person takes your money and then disappears.
Homeowners frequently receive refinance offers in the mail telling them that they have been "pre-approved" for credit based on the equity in their home.
- When you are wondering how you are going to pay your mortgage and other bills, it may appear very attractive to borrow against your house.
- But consider this, if you cannot make your current payments, increasing your debt, even if you get some temporary cash, will make it harder to keep your home.
Don't fall for Equity Skimming
- Equity Skimming is when a buyer offers to repay your mortgage or sell your property for you if you sign over the deed and move out.
- Don't sign anything you do not understand. It's your right to ask questions!
Beware of phony counseling agencies who charge a fee.
- There are legitimate, generally non-profit agencies, who will give you free counseling.
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