Foreclosure Prevention

HUD Certified Housing Counselors are experts in foreclosure intervention & prevention.  They do more than just give advice. They are trained to set up a plan of action designed just for you and your situation.

When you call to speak with a certified foreclosure specialist,  you won't be judged and the service is free.  The counselors are dedicated to helping homeowners find solutions.  You will learn how taking action can help your situation.  The earlier you seek help, the more options available to help you. 

Counselors will arm you with education and support that assists you in overcoming immediate financial issues...at no cost to you. 

Don’t hesitate to call today or for more info see the HUD approved Housing Counseling Agencies page or call 520-792-3087


If you are unable to make your mortgage payment ...

1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Understand foreclosure prevention options.
Valuable information about which foreclosure prevention (also called loss mitigation) option would be right for you when you see a HUD– approved housing counselor.
5. Contact the Don’t Borrow Trouble to find a HUD-approved housing counselor.
Call today — 520-792-3087

The U.S. Department of Housing and Urban Development(HUD) funds free or very low cost housing counseling nationwide. Counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance.
6. Prioritize your spending.
After healthcare, keeping your house should be your first priority. your finances and see where you can cut spending in order to make your mortgage payment. for optional expenses-cable TV, memberships, entertainment-that you can eliminate. 
7. Use your assets. 
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? 
8. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! sign a legal document without reading and understanding all the terms and getting professional advice from a HUD approved housing counselor.

Common Types of Loan Modification & Foreclosure 'Rescue' Scams

Foreclosure rescue scams have been spreading across the nation for the past couple years at an alarming rate. For the average homeowner it is crucial watch out for these scams so you can protect yourself and your home.

Potential victims to these scams are easy to locate because mortgage lenders publish public notices before foreclosing on a property.
 
 Types of Scams to watch out for inclue:

Phony Counseling or Phantom Help -- The “rescuer” tells the borrower that he can negotiate a deal with the servicer to save the house if the borrower pays a fee first.  Once the fee is paid, the rescuer takes off with the money and provides no assistance.

Lease or Buy-Back -- Homeowners are deceived into signing over the deed to their home to a scam artist who tells them they will be able to remain in the house as a renter and eventually buy it back.  Usually, the terms of this scheme are so demanding that the buy-back becomes impossible, the homeowner gets evicted and the “rescuer” walks off with most or all of the equity.

Bait and Switch -- Homeowners believe they are signing documents for a new loan to make the mortgage current, but sign away their home and are left holding the mortgage on a home they no longer own.

Refinance Fraud -- Beware of people posing as mortgage brokers or lenders and offering to refinance your loan so you can afford the payments.  Con artists may trick you into signing over the ownership of your home by saying that you are signing documents for a new loan. 

Bankruptcy Foreclosure -- There are several scam attempts to abuse the bankruptcy laws.  The bankruptcy process can be complicated and expensive and the results can have a negative effect on your credit for years to come. For example, the “rescuer” may promise to negotiate with the lender or get a refinance on your behalf for an upfront fee.  Instead, the scam artist takes the fee and files a bankruptcy case in your name—sometimes without your knowledge. 

Equity Stripping -- A buyer purchases the home for the amount of the late payments and flips the home for a quick profit.

Red Flags 

If you are looking for foreclosure prevention help, beware of any business that:

  • guarantees to stop the foreclosure process – no matter what your circumstances
  • offers to make your loan more affordable and help you avoid foreclosure
  • instructs you not to contact your lender, lawyer, or credit or housing counselor
  • collects a fee before providing you with any services
  • accepts payment only by cashier’s check or wire transfer
  • encourages you to lease your home so you can buy it back over time
  • tells you to make your mortgage payments directly to it, rather than your lender
  • tells you to transfer your property deed or title to it
  • offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
  • offers to fill out paperwork for you
  • pressures you to sign paperwork you haven’t had a chance to read thoroughly or that you don’t understand

How to Spot a Scam -- 6 Things You Should Know

To Report a scam call 520-792-3087