Five Tips for At-Risk Homeowners

If you are a homeowner at risk for foreclosure, there are some steps you should take.

HOPE NOW offers the following tips:

1.Call your lender as soon as possible - finding an alternative to foreclosure is not a quick process, so early contact is essential. Be patient and stay engaged. There are many people in the same situation. If a homeowner waits too long to reach out, there may be fewer options available to avoid foreclosure.

2. Call the Homeowners HOPE™ Hotline at 888-995-HOPE (4673) - the free Homeowners HOPE™ Hotline is available 24/7 and allows borrowers to speak to a housing counselor in a safe and confidential setting.

3. Contact a local housing counselor - There are several local counseling organizations in the area that are certified by the US Department of Housing and Urban Development (HUD) that can provide face to face counseling. To find a HUD-certified agency, visit www.hud.gov/counseling or visit www.HOPENOW.com

4. Understand your options - For many homeowners there are many alternatives to foreclosure, such as repayment plans, loan modifications, forbearance, short sales or even deed in lieu's. Reach out to your lender or third party housing counselor so that they can help find the best alternative to avoid foreclosure.

5. Don’t become a victim - Be wary of any organization that guarantees a loan modification or requires any up-front fees and never make mortgage payments to any firm other than your mortgage company without their approval. Be sure to seek advice on your mortgage from a trustworthy source, such as a local HUD-certified counseling agency or the Homeowners HOPE™ Hotline at 888-995-HOPE. There are plenty of free resources available to consumers.

HOPE NOW is the industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants that has developed and is implementing a coordinated plan to help as many homeowners as possible prevent foreclosure and stay in their homes.

For more information go to www.HopeNow.com   or call the free Homeowners HOPE™ Hotline at (888) 995-HOPE.