Mortgage Resources for Consumers
Errors on Your Foreclosure? You May Be Eligible for an Independent Review
The Federal Reserve Board has produced a video that describes who is eligible for a free review and how to apply. If your mortgage servicer made errors on your foreclosure during 2009 or 2010 that caused you financial harm, you may qualify for compensation.Deadline for applying is July 31, 2012.
Whether you are looking to buy your first home or are facing foreclosure, the following links lead to tips and ways to reach out for help.
Before you take out that loan, learn the basics with the Federal Reserve's 5 Tips for Shopping for a Mortgage.
You can learn how to spot a bad mortgage with our Eight Signs of Predatory Mortgage Lending. Already own a home? Learn to spot trouble with our quick-reference guide to the Top 10 Mortgage Servicing Abuses. To see resources from the federal government, check out HUD's Guide to Avoiding Foreclosure, and the FDIC's Foreclosure Prevention Tool Kit.
Foreclosure Prevention and Assistance
- Find out whether you are eligible for relief under the National Mortgage Settlement.
- The federal government has established programs to help struggling homeowners. To find out more, visit the Making Home Affordable site, www.MakingHomeAffordable.gov.
- Worried about a foreclosure? Go to http://www.995hope.org/ to find help.
- If you are facing foreclosure, the National Foundation for Credit Counseling offers assistance and tips to avoid forclosure.
- The Prince George's Community Foundation has published an excellent guide for local residents who are at risk of foreclosure, including information that may be helpful to homeowners nationwide.
As foreclosures pile up, fake rescue programs have been on the rise, too. Find out from the Federal Trade Commission and the Federal Reserve how to avoid foreclosure scams that only make things worse: Foreclosure Rescue Scams: Another Potential Stress for Homeowners in Distress and 5 Tips for Avoiding Foreclosure Scams.
Housing Counselors
- Find foreclosure counseling.
- Find a HUD-certified housing counselor in your state.
Home Equity Line of Credit
- Have you had a sudden change in your home equity line of credit? Lenders must give you notice within 3 days after making home equity credit less available to you. Go here for the Federal Reserve's 5 Tips for Dealing with a Home Equity Line Freeze or Reduction.
