Foreclosure Assistance
Lenders emphasize that financially stressed homeowners should contact them well before the loan is scheduled to reset higher. Ask if your loan can be modified, for example, by fixing the rate below the scheduled reset amount. Ask if you qualify for "forbearance" - temporary reduction or suspension of payments. Consumers can also ask a community group to contact the lender on their behalf. Here is a foreclosure prevention contact information list of lenders.
(866) 672-2676 or (888) 409-3557. This nonprofit has programs with many lenders to help homeowners negotiate affordable loan workouts, payment agreements and foreclosure prevention. It also advocates for policy reforms to stop predatory lending.
Homeownership Preservation Foundation
(888) 995-4673. This community development group offers free foreclosure-avoidance counseling and assistance contacting lenders.
800) 569-4287. The U.S. Department of Housing and Urban Development sponsors housing counseling agencies throughout the country that offer advice at little or no cost.
Answers to questions on the tax implications of foreclosure and debt cancellation
For more tips on foreclosure assistance go to the HUD website.
