The Best of National Consumer Protection Week: Part Six: Saving Your Home From Foreclosure Skip to main content

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The Best of National Consumer Protection Week: Part Six: Saving Your Home From Foreclosure

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To commemorate the Federal Trade Commission’s annual National Consumer Protection Week (March 6 – 12, 2011), the FTC is providing a budget-load of handy-dandy information designed to protect your money, your credit, and your overall post-recessionary financial future. So whether you’re rebuilding your economic life post-bankruptcy, or simply trying to speed up your savings, the NCPW blog can yield a wealth of resources exactly at a time when average Americans need a financial infusion, including information about:

  • Avoiding foreclosure rescue and other mortgage-related scams;
  • Knowing how to spot employment opportunity scams;
  • Making the most of your money in the early stages of your career;
  • Building and maintaining a budget to improve financial stability;
  • Avoiding time-share and credit-card scams offered via text messages; and
  • Learning what steps to take to save your home from foreclosure.

In the final part of our series The Best of National Consumer Protection Week we provide a sampling of the FTC’s tips for saving your home amid the financial fears of foreclosure.

Understand That You’re Not Alone
High mortgage payments, job insecurities and heavy household debt loads have meant that millions of average Americans are on the brink of foreclosure. But there’s strength in these numbers, and more options than you might expect to be proactive about saving your property, even amid tough economic times. If you are currently behind on your home note, or envision difficulties in the near future, contact your mortgage servicer today.

Get Familiar Help For Your Home
Why should you contact your own mortgage servicer first? Because most mortgages servicers (i.e., the company to whom you send your monthly mortgage payment) have put in place new loan modification programs (including the government’s Making Home Affordable Program) to assist homeowners just like you who are experiencing financial difficulties. These programs are designed to lower your monthly mortgage payments through a series of tailored modifications. Check your mortgage statement now to find your specific servicer or easily find them online at http://HopeNOW.com/index.php.

Be Proactive, Even if you Face Obstacles Initially
In fact, loan modification programs are more and more common as servicers acknowledge that they’d rather you keep paying for your home rather than them foreclosing on a home that they’ll likely sell at a loss. As a result, you should call your servicer and request a modification even if your request has been turned down in the past. Know that a little patience and persistence can pay real dividends in the end.

Getting in Your Loan Modification Application
So you’ve determined you’re in trouble, you’ve contacted your mortgage servicer, and you’ve decided there’s a loan modification program available to you. Now what?

As the FTC explains, “In a mortgage loan modification, you and your servicer agree to permanently change one or more of the mortgage’s terms to make the payments more manageable for you. The changes could include reducing the interest rate, extending the term of the loan, forbear-ing (interest free) or forgiving principal, or a combination of these factors. “  In the process, a modification can save you hundreds of dollars per month and help you hold on to your home sweet home!

If you find a mortgage modification is not available or enough to help you hold on to your home, it’s important to understand that knowing a qualified bankruptcy attorney can be yet another way you can face your financial fears, yielding the right kinds of support, information and insights—at a low cost— for a secure future beyond the burdens of the mortgage crisis. The bankruptcy attorneys at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to 1-888-234-4181, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.

 

 

 

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