We have one of the best treasurer's in the country and I say this because of all the proactive things she does to keep people in their homes. Catherine McClary has a wonderful website and has been helping people long before it was in the public's awareness.
Lately there has been a larger group of con artists who are taking advantage of people when they are down. Please allow the staff at Catherine's office to help you and not an unoffical who might be a scam artist.
If you are falling behind please know there are officials who can and want to help. The first thing to do if you are late with a payment is talk to the bank or credit card company. If it is mortgage problems you can also get in touch with Catherine McClary's office. The link is provided but here is the phone number: 734-222-6600. They will help you with a hardship letter and a new home budget.
This is the very important information from our treasurer's office. They are there to help; please do not let a con artist speak with you about your home. Here are the steps as outlined from our treasurer's office:
Loss Mitigation
Loss mitigation is the term used by mortgage companies to describe their programs and department that can assist borrowers in bringing their mortgages current.
The number one requirement of Loss Mitigation is affordability of the mortgage. To be able to assist you, the mortgage company must see a budget that demonstrates to them that the income coming into your home is sufficient to support all of the household bills.
When speaking to your mortgage company, ask to speak to their Loss Mitigation Department, which is sometimes called the Loan Counseling Department. These are the people that have the authority and knowledge to assist you with becoming current on your mortgage. Request from them a Loss Mitigation Package for your loan.
Find out what type of loan you have (i.e. Freddie Mac, Fannie Mae, VA, or FHA). When you contact your mortgage company, ask them who the investor is on your loan, or if you have mortgage insurance.
Information on how to write a hardship letter.
Home Budgeting Form
Options You May Have
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Repayment Plan
This is when the mortgage company can take the amount that you are delinquent and add it on to your regular payment, and spread it out over 3-12 months. (Some mortgage companies will allow longer.)
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Loan Modification
This is when the mortgage company adds the amount that you are delinquent to the principal balance of your loan. If they think that it is necessary, then they may consider extending your loan term to 30 years and/or adjust your interest rate.
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Partial Claim
This strategy is used on FHA loans or those with PMI insurance only. This is when the insurer of your mortgage gives you a loan for the amount that you are delinquent. This is a non-interest loan that does not require payment until the sale of the home or until you pay off the first mortgage.
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I hope this helps because the incident of people preying on others has increased. We have state employees and volunteers who are very helpful in this area; if you need help don't be afraid to ask for it!
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Catherine is the best and Washtenaw is doing so much to help folks stay in their home. Are you going to the 9:30 meeting today? Let me know so we can catch up. I'd like to reblog this is a few days, after you are syndicated.