Settlements, Modifications, Short Sales

A list of telephone hotlines and Web sites that offer resources for those at risk of foreclosure or looking to modify their existing mortgages. (See “Mortgage-Programs to Help Borrowers”.)

State Web Site/Phone Number
Alaska Consumer Credit Counseling Service of Alaska
Arizona Arizona Foreclosure Prevention Task Force
California Consumer Home Mortgage Information: Help With Your Mortgage; California Housing Finance Agency: Foreclosure Avoidance Information
Colorado Colorado Foreclosure Hotline
Connecticut Connecticut Families Program; Mortgage foreclosure Assistance Hotline: 1-877-472-8313
Delaware Delaware Foreclosure Information; People can also contact Gerry Kelly, the Deputy Bank Commissioner for Consumer Affairs (Gerard.Kelly@state.de.us; 302-577-5092 ) or Albert Shields, a policy advisor for the State of Delaware (Albert.Sheilds@state.de.us; 302-577-8787
Florida Tips for Avoiding Foreclosures, Delinquencies and “Foreclosure Rescue” Scams
Georgia Georgia Dream Homeownership Program
Idaho Foreclosure Prevention Resources
Illinois Homeowners Referral Helpline: 1-866-544-7151
Indiana The Indiana Foreclosure Prevention Network
Iowa Iowa Mortgage Help
Kentucky Kentucky Homeownership Protection Center
Louisiana Louisiana Housing Finance Agency
Maine Maine State housing Authority: Preventing Foreclosure
Maryland Maryland HOPE
Massachusetts Home Saver Foreclosure Prevention Program
Michigan Save the Dream
Minnesota Minnesota Home Ownership Center: Foreclosure Prevention
Mississippi Mississippi Home Corporation
Missouri Missouri Housing Development Commission: Foreclosure Resources
Montana Montana Department of Commerce: Foreclosure Prevention
Nebraska State of Nebraska Department of Banking and Finance: Help for Avoiding Foreclosure
Nevada Nevada Foreclosure Help
New Jersey NJ HOPE
New Mexico New Mexico Mortgage Finance Authority: Foreclosure Prevention Information
New York Subprime Foreclosure Prevention Services Program
North Carolina NC Foreclosure Help
Ohio Save the Dream
Oklahoma Neighborhood Housing Services of Oklahoma City, Inc.
Oregon Oregon Housing and Community Services: Foreclosure Provisions
Pennsylvania Alternatives to Avoid Foreclosure
Rhode Island Rhode Island Housing : Tips for Avoiding Foreclosure
South Carolina Just the Facts onâ€¦ Mortgage Foreclosure; Credit Counseling in 2008
South Dakota Mortgage Crisis Hotline
Tennessee Tennessee Housing Development Agency: Foreclosure Counselors
Vermont Mortgage Assistance Program; Mortgage Assistance Helpline: 1-888-568-4547
Virginia Virginia Foreclosure Prevention Task Force
Washington Washington Homeownership Information
Washington, D.C. Foreclosure Mitigation Kit
Wisconsin Wisconsin Foreclosure Resource

10 Responses

Carla Meissner, on October 26th, 2009 at 6:56 am Said:

I requested my mortgage company, Wells Fargo to please do a Mortage Modification for me because I am a single mom of 4 and lost all bonuses at my job. My credit was almost perfect, around 760 and under no cercumstances did I want to affect my credit by falling behind on my mortgage. Instead of a reduction, they put me on a contract paying 500 less a month unhtil Dec at wich point I would have a large balloon payment. I was desperate and signed the contract. I repeateadly told them I did not want to affect my credit and they told me as long as I payed on time it wouldn’t happen. It was all a lie, they reported me late every month I have been on the contract even though I have payed on time and now my credit is 560. They have reuined my credit and now have me hostage. I can;t refinance or try to find a cheaper home with that score. CAN ANYONE HELP ME??
Theresa, on August 8th, 2009 at 12:36 pm Said:

We actually had this happen. We did NOT accept the modification offer by Morequity (Who has NOT responded to our rescission that was filed). The modification offer came with a STEEP response time or it would be “revoked” (I had to have the notarized documents returned and in their hands by Tuesday. We received the “offer” Friday late afternoon!!) and it said that the “Note would be ammended and re-recorded”. I KNOW that they do not have possession of my note. I NEED A WASHINGTON STATE ATTORNEY and cannot find one who understands these cases enough to help me.
susan, on June 15th, 2009 at 6:26 pm Said:

read your post on MERS. Now my loan is with MERS and I AQURA loan service is servicing my mortgage. However, my loan has been transferred so many times with different entities. I have not made a payment since March. So my question who is going to start the foreclosure? MERS? In addition the originator of my loan was MLN who is now out of business. So what next?
susan, on June 9th, 2009 at 3:33 pm Said:

I read your post on MERS. Now my loan is with MERS and I AQURA loan service is servicing my mortgage. However, my loan has been transferred so many times with different entities. I have not made a payment since March. So my question who is going to start the foreclosure? MERS? In addition the originator of my loan was MLN who is now out of business. So what next?
Doug, on May 19th, 2009 at 4:08 pm Said:

don’t modify, eliminate and quiet title
Linda, on April 2nd, 2009 at 11:03 am Said:

Does a second lender {chase heloc) have to subordinate a modified loan. They won’t subordinate a refi, even with a 780 credit score and appraisal at 87% equity. Only 70% ltv for EVERYONE, no exceptions. Don’t waste money on “processing fees” that are nonrefundable unless you have at least that much equity left, which is basically no one!
Diane of So Cal, on March 21st, 2009 at 12:51 pm Said:

Melody,

Do you have a recorded assignment of Trust Deed showing that your beneficiary is now Lehman Bros.?

I have an assignment recorded in the midst of my foreclosure proceedings (11/19/08) removing MERS as beneficiary and naming Greenpoint Mortgage Funding as beneficiary of record. I originally signed a promissory note naming Greenpoint as my Lender and MERS as my beneficiary.

The second (first NTS rec’d on 10/31/08) trustee sale notice I received on 2/14/09 makes absolutely no mention of Greenpoint Mortgage in any capacity. It names MERS as the beneficial interest.

I submitted a QWR to Greenpoint Mortgage, MERS, Countrywide (who was assigned as my servicing company) and Old Republic Default Management back on Jan. 2, 2009 requesting various answers to outstanding questions I have such as WHO HOLDS MY NOTE and WHO IS AUTHORIZED TO INITIATE FORECLOSURE PROCEEDINGS.

I received a letter from Greenpoint that states that my correspondence does not constitute a valid QRW under RESPA guidelines and therefore will not be answered. Greenpoint states that I am to refer all questions to CW as my loan was transferred to them.

I received a FEDEX letter from CW stating that they are in receipt of my QWR and are required to respond to my requests within 60 days of receipt which they state as being January 6, 2009 excluding holidays and weekends. I do not have any response as of yet but have spoken to the person who issued the letter last week. She is aware of my request and is getting ready to work on it.

In my case I would conclude that Greenpoint is my beneficiary based on the recorded assignment where MERS is canceled.

NY,

Would that suggest that my recent NTS is invalid as it names MERS as the beneficiary when it is clearly not?

The wheels on the bus go round and round, round and round………

Diane Wheatley, SoCal
diane@moveupproperties.com
Diane of So Cal, on March 14th, 2009 at 5:12 am Said:

I received the following in the mail today after three month’s of waiting on the final approval of my loan mod. My sale date has been postponed to April 27, 2009 from March 11, 2009 but why? This is really stupid like nonsense that makes no sense whatsoever.

Read this quick one page letter I received and give me your viewpoint on the reasons for my denial. It’s as if someone is talking out both sides of their mouth at the same exact time. What the……????

Diane, SoCal
diane@moveupproperties.com

http://www.moveuproperties.com/diane/cwresponse.jpg
Melody Arevalo, on March 10th, 2009 at 12:48 am Said:

I have requested loan modification papers and a copy of my note from Aurora Loan Services. They sent the information today. It was a Lehman Brothers product. I don’t know if I should modify the loan with Aurora or take it up with the original lender which was Cal Bay. Or should I talk to an attorney?

Thanks,
Melody
ny, on February 2nd, 2009 at 8:47 pm Said:

Problems with a Loan Modification:

The borrowers will think they are modifying their current loan when in fact they are starting all over again.

The Foreclosing entity which lacks standing to bring lawsuit, is not authorized to modify anything since they are not the owner of the loan in question.

Since the real parties in interest are no where to be found, they are taking it upon themselves with the help of their lawyers to steal your property.

The borrower is actually getting a new loan which may enjoin borrower from rescinding new transaction.

The foreclosing entity is STILL not using their own funds to modify (new loan) loan. They are getting funds to lend borrowers through Federal bail outs, insurance proceeds and believe it or not Investors. [same process]

Their lawyers are not acting in a lawyer’s capacity but as BROKERS; [middlemen] they are getting paid commission on every new loan they help brokered.

What Does Loan Modification Mean?
A modification to an existing loan made by a lender in response to a borrower’s long-term inability to repay the loan. Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default.

Why would they need to re-qualify if they claim they would make the borrowers payments and rates to be less?

The borrower took the loan out with lender “A” but an unknown lender “B” is trying to modify it.

When the modification is said and done, the borrower will have lender “B” as the lender. What happened to lender “A”????