Facing the Mortgage Crisis

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Tips and Advice

Are you facing foreclosure or mortgage payments you may not be able to afford? Here’s some advice to help you:

Do's and Don'ts

DO call your lender or servicer the minute you think there might be a future problem with paying your mortgage on time. The lender or servicer is the first person you should talk to. They deal with these situations every day. They do not charge a fee to modify your loan if you are eligible and qualified.

DO call the Arizona Mortgage Foreclosure Help Line (1-877-448-1211) for a FREE bilingual connection to an Arizona counselor trained to assist you in working with your lender to modify your loan. Or visit them on the web at: http://www.housingaz.com/ShowPage.aspx?ID=248

DO walk away from anyone that wants you to pay a fee for their help. There is never a fee to get assistance or information from your lender or a HUD-approved housing counselor. Call 1-877-448-1211 or click here to see a list of HUD-approved free counselors throughout the State.

DO be wary of anyone who says they can save your home if you will simply deed it over to them. Signing your home over to anyone can quickly lead to the loss of your home.

DO call the Department of Financial Institutions (“DFI”) at 602-255-4421 and file a complaint if you think you’ve been exploited by a Mortgage Loan Modification Company. When you call, press “0” and ask for Consumer Affairs.

DON’T be afraid of your lender or servicer. If you are eligible and qualified they can help you and they will not charge a fee. If you are eligible and qualified, they will tell you. If you are not eligible and qualified, the loan modifier who wants you to pay a fee cannot help you but will keep the fee you paid.

DON’T pay up-front fees to a loan modifier. These companies are not licensed or regulated.

DON’T sign documents with ANY blanks.

DON’T sign documents you don’t understand.

DON’T ignore mail from your lender or servicer.

Source: Arizona Department of Financial Institutions http://www.azdfi.gov/Foreclosure/Intro.htm

 

Facing the Mortgage Crisis is part of CPB's Public Service Media Economic Response Initiative.

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