Before - The Short Sale Or Foreclosure

If you are or if you know someone in trouble with their ability to pay their mortgage, some good avenues for advice in North Carolina are:

1)  Call the NC Commissioner of Banks in Raleigh (open Monday - Saturday)
316 W. Edenton Street, Raleigh, NC 27603 - Phone (888) 384-3811, Fax (919) 733-6918 - share your situation and get advice on what you need to do.

2) Hope Now Program - 1-888-995-HOPE or www.hopenow.com.

3)  Talk to local short sale attorney or bankruptcy attorney.

4)  Talk to a CPA regarding tax consequences.

5)  Call Loss Mitigation at Bank, this department can offer different loan work-out programs such as

1) Forebarance by lender (the seller stops making payments for a period of time and these payments are added to the end of the loan;
2) A repayment plan;

3) Loan modification (rate % decrease);

4) Short Sale (which takes 3-5 months (or longer sometimes) to hear back from the bank on approval) or;

5) Partial payment from your mortgage insurance company.

NC Loss Mitigation Department Telephone Numbers:
Ameriquest (800) 211-6926
Bank of America (716) 635-2982
Chase Manhattan Mortgage Corp (800) 446-8939 x 3553
CitiMortgage (636) 256-5088
Countrywide (888) 435-3102
GMAC (800) 850-4622
US Bank (888) 780-3997
Wells Fargo (866) 261-5642