AARP Michigan, April 15, 2010
Don’t ignore the problem of foreclosure, as the situation can often be fixed if you act quickly. There are many options for foreclosure prevention, including the following:
Get housing counseling as your first step.
These agencies (both state and federal) will work with you for no cost:
• MSHDA Hotline: 866-946-7432
• HUD Hotline: 800-569-4287
• Oakland County 248-452-9200
• Lighthouse: 248-920-6060
• FHA: 800-CALL-FHA
• Veterans: 800-729-5722
• United Way: 211
Call the bank or mortgage company’s loss mitigation department.
• Don’t talk to the collections department.
• Be insistent.
• Explain your situation.
• Stay in your home, as you may not qualify for assistance if you leave.
Don’t fall for foreclosure recovery scams.
• Don’t pay a fee for services you can get for free (counselors listed above).
• Don’t sign your deed over to anyone. You may still be responsible for the loan.
• Don’t sign a document appointing someone to represent you.
• Don’t make a quick decision under pressure.
• Don’t sign papers with blank spaces.
• Don’t fall for the “we’re the only ones who can help you” line.
You will lose your home and credit rating if you do nothing.
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