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In Alliance With
Members Of
  • USFN*
  • American Legal and Financial Network*
  • Mortgage Bankers Association
  • American Bankruptcy Institute*
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*Membership maintained through allied companies Routh Crabtree Olsen, P.S., Routh Crabtree, apc or FEI, LLC

Homeowner Information

ENHANCED WEB SITE OFFERS RESOURCES FOR KEEPING YOUR HOME

Home ownership presents a unique set of challenges and responsibilities for everyone. The Office of Housing has just completed major enhancements to a web site developed for consumers experiencing home ownership difficulties through job loss, illness, or other causes. The site, "Help for Homeowners Facing the Loss of Their Home" is located at

http://www.hud.gov/offices/hsg/sfh/econ/econ.cfm.

Extensive new content and navigational aides have been added.

This site offers a comprehensive, yet user-friendly approach to helping families and others who may not be able to pay their mortgage. The pages are organized around eight steps and sections. Viewers can go through the eight sections sequentially or to specific pages of greatest interest. Numerous links are available to other federal government resources, as well as non-government legal assistance, job resources and credit education sites.

Two key actions are to contact lenders and to seek housing counseling. The first step is for a consumer to contact their lenders as soon as they have a problem. It is important for homeowners to know that most lenders want to help borrowers keep their homes. The site notes that the farther you are behind on your payments, the fewer options are available. This section lists four critical pieces of information to have ready when you call. There are various links on this Web site. The links are directed to families with FHA loans and housing counseling agencies, just to name a few. Another important link is to HUD's National Servicing Center (NSC). The goal of the NSC is assist FHA homeowners by working with lenders to find creative solutions to avoid foreclosure.

In the extensive resources section, there are 18 different links to other sites providing additional information. For example, consumers can call from among 20 lenders to get expertise concerning home retention. Another section contains frequently asked questions. This site was developed through the collaborative efforts of HUD/FHA, members of the mortgage industry, the Departments of Veterans Affairs and Labor, as well as Fannie Mae and Freddie Mac.