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topics: Avoiding foreclosure, mortgage default, foreclosure help, mortgage problems, mortgage counseling, HUD-approved Housing Counseling Agencies, foreclosure assistance

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Avoiding Foreclosure & Mortgage Default Help: A Consumer's Guide to Resources
A consumer's guide to resources about avoiding foreclosure and help with mortgage problems, mortgage default and news about the mortgage crisis, with directories of HUD-approved Housing Counseling Agencies

Avoiding and living with foreclosure, mortgage default and mortgage problems

 
This is not a debt-relief system. We do not sell, endorse or recommend any product or service. We are not a mortgage company, broker, or financial institution. We are a public service.

Our editors selected these web pages and brochures from government, education, and non-commercial sites to provide help for people needing information about these subjects. These are not paid listings.

 
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If you have mortgage or default problems, or are trying to avoid foreclosure:

The resources on this page are intended to help you research and answer questions you might have about mortgages, foreclosures, and mortgage default in Arizona.

The U.S. Department of Housing and Urban Development makes these recommendations if you are having trouble keeping up with your mortgage payments or have received a notice from your lender asking you to contact them.
  • Don't ignore the letters from your lender
  • Contact your lender immediately
  • Contact a HUD-approved Housing Counseling Agency
  • Toll FREE (800) 569-4287
  • TTY (800) 877-8339
State Directories of HUD-approved Housing Counseling Agencies

State-by-State Mortgage Forclosue Help

The full text of the HUD recommendations is available at (HUD) Tips for Avoiding Foreclosure
 

Information and help about Avoiding Foreclosure, Foreclosure Help, Mortgage Problems and Default:

web page:
Falling Behind on Your Mortgage Payments?

source: Fannie Mae
languages: English
from the web page: "...If you take action now, you improve your chances of working out your situation with your mortgage lender or loan servicer. For example, depending on your situation, you may be able to incorporate missed or late payments into future payments, re-work the terms of your loan, or refinance into a different loan with payments you can more readily handle. The important thing is to take action immediately...
FHA Web page:
You Can Avoid Foreclosure and Keep Your Home

source: Federal Housing Administration (FHA)
languages: English
from the web page:"...Losing a home can be financially and personally devastating. Here's information to help you keep your home. Relief may be available....

 
more from Federal Housing Administration (FHA):
web page
FHA Foreclosure Moratoriums - Case Specific Foreclosure Holds -
languages: English
from the web page: "Lenders may receive notices from the Department requiring a temporary hold on foreclosure for the loans listed. This action, when taken, is necessary to allow sufficient time for HUD to complete its review of the subject loans relative to Predatory lending or other issues..."
web page:
Tips for Avoiding Foreclosure

source: U.S. Department of Housing and Urban Development (HUD)
languages: English
from the web page: "...Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?...

 
more from U.S. Department of Housing and Urban Development (HUD):
web page
HUD Help for Homeowners Facing the Loss of Their Home -
languages: English
from the web page: "Owning a home has always been at the center of the American Dream. For many homeowners, however, that dream is threatened by foreclosure. An estimated 240,000 families can avoid foreclosure by refinancing their mortgages using the new FHASecure plan..."

web page
HUD Relief Options for FHA Loans
languages: English
from the web page: "Homeowners falling behind on an FHA loan should know that..."

web page:
About Foreclosure

source: Homeownership Preservation Foundation
languages: English
from the web page: "What is foreclosure? Foreclosure is a legal action used by a mortgage company to recover any money from a customer when the customer does not pay his or her debt in accordance with the mortgage agreement. In other words, it's the legal remedy used by a mortgage company ...
 
also at Homeownership Preservation Foundation:
web page
Common Myths About Foreclosure
languages: English
from the web page: "MYTH: My mortgage company would rather foreclose on my home than keep me in it. The mortgage company sustains an average loss of about $58,000 when foreclosure occurs (TowerGroup study). They are in the business of providing mortgages - not owning or selling homes - and would always prefer to keep you in your home...."
web page:
Questions and Answers on Home Foreclosure and Debt Cancellation

source: Internal Revenue Service
languages: English
from the web page: "Update Feb. 4, 2008 - The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief...
web page:
Avoiding Foreclosure

source: MyMoneyManagement.net
languages: English
from the web page: "...The foreclosure spiral -- The foreclosure spiral begins when your loan payment becomes 16 days overdue. At that point, your mortgage servicer will try to contact you to work out a repayment schedule to bring your loan current. …If your first payment becomes 30 days delinquent and the next month's payment looks doubtful, collection attempts begin in earnest. If your payments fall 90 days behind, the servicer will likely refer your mortgage to an attorney or other entity that will initiate formal foreclosure proceedings. Here's a timeline of the foreclosure spiral...
web page:
Providing Alternatives to Mortgage Foreclosure: A Report to Congress (August 1996, 200 p.)

source: HUD USER - Policy Development and Research's Information Service
languages: English
from the web page: "The report notes that some States permit quick foreclosure, which acts as a disincentive to loan workouts. It recommends that credit risk-bearing agencies, such as Fannie Mae and Ginnie Mae, provide better incentives for loan servicers to initiate loan modifications and forbearances....
 
also at HUD USER - Policy Development and Research's Information Service :
web page
Alternatives To Foreclosure
languages: English
from the web page: "...Mortgage foreclosure is a tragic and traumatic event for any homeowner. It is the legal process whereby property rights to one's home are stripped away due to inability to maintain the obligations of a mortgage loan. The actual process varies by State of residence, and can take anywhere from 6 weeks to 18 months, depending on the jurisdiction...."

Special Programs to help in mortgage default and mortgage problems

Web page:
Helping Homeowners Keep Their Home

source: U.S. Department of Housing and Urban Development (HUD)
languages: English
from the web page: "...Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their adjustable rate mortgage reset, but are now in default, to qualify for refinancing..."
Web page:
FHASecure Fact Sheet - Refinance Options

source: Federal Housing Administration (FHA)
languages: English
from the web page: "...YOU WORKED HARD FOR HOMEOWNERSHIP - The Federal Housing Administration has helped millions of Americans secure their dream of homeownership since 1934. Now we want to keep those dreams alive...."

 
also at Federal Housing Administration (FHA):
web page
FHASecure Frequently Asked Questions for Homeowners
languages: English
from the web page: "Eligibility How far behind can you be on a mortgage to qualify? What about more than 90 days?   Must I be delinquent, and for a certain period of time, in order to be eligible for FHASecure?   I have a fixed rate mortgage and have fallen on bad times. What about me?   I have an interest-only mortgage. Am I eligible for FHASecure?   Are there any programs for people already in foreclosure..."

web page
The FHASecure Initiative and Guidance on Appraisal Practices in Declining Markets
languages: English
from the web page: "...The Federal Housing Administration is pleased to announce an initiative that will enable homeowners to refinance various types of adjustable rate mortgages (ARMs) that have recently "reset." This mortgagee letter describes how lenders and homeowners may refinance mortgages that, due to the increased mortgage payment following the reset, have become delinquent. ..."

Help with Predatory Lending

Mortgage Refinancing Programs and Information

web site:
The FHA Refinance Process

source: Federal Housing Administration (FHA)
languages: English
from the web page: "... You already own a home, so you're at least somewhat familiar with the mortgage process. If you've never refinanced through FHA you might think that it's more complicated because you're involved with a government agency. Well, you'll be pleasantly surprised to learn that refinancing with an FHA loan is really no different than than the process of refinancing with any other loan. Of course, you have many more protections and it will be easier to get qualified with FHA....."
 
also at Federal Housing Administration (FHA):
web page
How Much Can I Refinance With My FHA Mortgage?
languages: English
from the web page: "...If you're thinking about refinancing, you've already been through the mortgage qualification process when you qualified for a conventional mortgage or for an FHA mortgage. The kind of refinance loan you're looking for will determine whether you need to go through the credit-qualifying process again...."

 

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