Facing Foreclosure?

Real Estate Agent with Keller Williams Realty Capital District

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.

When calling your servicer, please make sure you have the following information available; Name, Address, Telephone number, Email Address, Servicer’s Name, Loan Number, Current Income and Expenses, Reason for Default, Is the loan in bankruptcy? (if yes, you will need to provide the names , location, case number, and attorney), Is the property owner occupied?

Servicer Hotline
Acqura Loan Services 866-660-5804
Aurora Loan Services 800-550-0509
Bank of America 800-846-2222
Carrington Mortgage Services 800-790-9502
Citi Mortgage/ Citi Residentail 866-915-9417
Countrywide Home Loans 800-669-6650
EMC Mortgage, Inc. 877-362-6631
First Horizon Home Loans 800-364-7662
GMAC/Homecomings/ResCap 800-799-9250
Home Loan Services, Inc. (d/b/a First Franklin Loan Services and NationPoint Loan Services) 800-500-5022
HomEq Servicing 800-867-7378
HSBC Consumer Lending 800-333-5848
HSBC Mortgage Services 800-365-6730
HSBC Mortgage Corporation 888-648-3124
IndyMac Bank 866-355-7323
JPMorgan Chase Prime Loans 800-446-8939
JPMorgan Chase Non-Prime 877-838-1882
JPMorgan Chase Home Equity 866-582-5208
LandAmerica 800-909-9525
Litton Loan Servicing 800-999-8501
National City Mortgage Corporation 800-523-8654
Nationstar Mortgage, LLC. 888-480-2432
Ocwen Loan Servicing, LLC. 877-596-8580
Option One Mortgage Corporation 888-275-2648
Saxon Mortgage Services 888-325-3502
Select Portfolio Servicing 800-258-8602
SunTrust Mortgage, Inc. 800-443-1032
Washington Mutual, Inc. 866-926-8937
Wells Fargo Home Mortgage 877-216-8448
Wells Fargo Financial 800-275-9254
Wilshire Credit Corporation 888-917-1050

If you are unable to make your payments try one of these options first ...

Foreclosures are PreventableForbearance. You are allowed to delay payments for a short period, with the understanding that another option will be used afterwards to bring the account current.

Reinstatement. When you are behind in your payments but can promise a lump sum to bring payments current by a specific date.

A Repayment Plan. If your account is past due, but you can now make payments, the lender may agree to let you catch up by adding a portion of the past due amount to each current monthly payment until your account is current.

Modifying Your Mortgage. The lender can modify your mortgage to extend the length of your loan (or take other steps to reduce your payments). One solution is to add the past due amount into your existing loan, financing it over a long term.

Selling Your Home. If catching up on payments is not possible, the lender might agree to put foreclosure on hold to give you some time to attempt to sell your home.

Property Give-Back. The lender can allow you to give-back your property – and then forgive the debt. Give-backs do, however, have a negative impact on your credit record, although not as much as a foreclosure. The lender might require that you attempt to sell the house for a specific time period before agreeing to this option, and it might not be possible if there are other liens against the home.

Do not pay for help - there are many free services available to homeowners to prevent foreclosure.

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! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

For immediate help and guidance 24 hours a day/7 days a week, call 1-888-995-HOPE (NeighborWorks). You will receive absolutely free foreclosure prevention counseling by expert counselors at HUD-approved agencies. Homeowners can get budgeting help, a written financial plan, and assistance in contacting their lender. If you’d like face-to-face counseling or need local resources, homeowners are referred to their local NeighborWorks® organization or other counseling organizations

To read more about New York State specific laws on foreclosure visit this website.

To download many of the New York state's Banking Department worksheets and informational brochures visit their site here.

Ed. note: much of this information was gained from the NeighborWorks and HUD websites.

Comments (1)


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Jun 26, 2011 04:30 AM