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
• WWW.FHA.GOV
• WWW.HOLDONTOYOURHOME.ORG
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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