Foreclosure Information
Don't lose your home to foreclosure. There is help available.
It is no secret that a number of our residents and fellow Michiganders
are facing some economic challenges that are affecting their ability
to maintain their quality of life. More and more individuals and
families are finding it increasingly difficult to make their mortgage
payments resulting in possible foreclosure. The most unfortunate thing
is that many do not realize that they don’t have to lose their homes.
In many cases, there are programs available designed to assist
homeowners in getting back on track. If you are facing foreclosure,
there is help available
Information on Foreclosures
Tips to Avoid Foreclosure
How to Keep Your Home
Looking for Help?
Foreclosure Resources Available to Wayne County
Residents
Information on Foreclosures
What is Foreclosure?
Foreclosure Q & A
 Tips
to Avoid Foreclosure
- Don't ignore the problem.
The further behind you become, the harder it will be to reinstate
your loan and the more likely that you will lose your house.
- Contact your lender as soon as you realize that you have a
problem.
Lenders do not want your house. They have options to help borrowers
through difficult financial times.
- Open and respond to all mail from your lender.
The first notices you receive will offer good information about
foreclosure prevention options that can help you weather financial
problems. Later mail may include important notices of pending legal
action. Failure to open the mail will not be an excuse in
foreclosure court.
- Know your mortgage rights.
Find your loan documents and read them so you know what your lender
may do if you can't make your payments. Learn about the foreclosure
laws and timeframes by contacting the Michigan State Housing
Development Authority at 517-373-8370.
- Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss
mitigation) options can be found at the Federal Housing
Administration website.
- Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds
free or low-cost housing counseling nationwide. Housing counselors
can help you understand the law and your options, organize your
finances, and represent you in negotiations with your lender if you
need this assistance.
To find a HUD-approved housing counselor near you, click here,
or call (800) 569-4287 or TTY (800) 877-8339.
- Prioritize your spending.
After healthcare, keeping your house should be your first priority.
Review your finances and see where you can cut spending in order to
make your mortgage payment. Look for optional expenses that you can
eliminate such as cable TV, memberships, or entertainment.
- Use your assets.
Do you have assets such as a second car, jewelry, or whole life
insurance policy that you can sell for cash to help reinstate your
loan? Can anyone in your household get an extra job to bring in
additional income? Even if these efforts don't significantly
increase your available cash or your income, they demonstrate to
your lender that you are willing to make sacrifices to keep your
home.
- Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help, use that
money to pay the mortgage instead. Many for-profit companies will
contact you promising to negotiate with your lender. While these may
be legitimate businesses, they often charge a hefty fee (often two
or three month's mortgage payments). Contact your lender or a
HUD-approved housing counselor to find out about free help that they
can provide.
- Don't lose your house to foreclosure recovery scams.
If any firm claims they can stop your foreclosure immediately if you
sign a document appointing them to act on your behalf, you may well
be signing over the title to your property and becoming a renter in
your own home! Never sign a legal document without reading and
understanding all the terms and getting professional advice from an
attorney, a trusted real estate professional, or a HUD approved
housing counselor. (Source:
http://www.hud.gov/foreclosure/)
How
to Keep Your Home
The Michigan State Housing Development Authority also provides useful
information to homeowners by clicking here.
Looking for Help?
Beware of Scams!
Home lending and foreclosure scams are costing Michigan residents
thousands of dollars and often their homes. Those who are particularly
vulnerable are senior citizens and those with low incomes or poor
credit. Don’t allow yourself and your family to fall victim to one of
these scams—educate yourself.
Scams come in many forms. State Attorney General Mike Cox has
outlined many of these scams designed to strip you of your money and
in many cases your home. To find out more,
visit the State of Michigan website.
Be very cautious of any claim that promises to lower your monthly
mortgage payment while also promising that in a short time you can own
your home free and clear of debt. Further, con artists will seek you
out. If you find yourself in foreclosure proceedings and receiving
solicitations at your home via telephone, letter, home visits, etc.,
it is most likely these are attempts by scam artists to take advantage
of your situation.
Complaints may be filed with the Attorney General’s Office at:
Consumer Protection Division
P.O. Box 30213
Lansing, MI 48909517-373-1140
Fax: 517-241-3771
Toll Free: 877-765-8388
www.michigan.gov/ag (online complaint form)
Assistance is Available
Michigan State Housing Development Authority - “Save the Dream”
Helps connect homeowners with Home Ownership Counselors
MSHDA Home
Ownership Counselor Directory
866-946-7432
National Foundation
for Credit Counseling
Homeowner Housing and Credit Counseling
800-388-2227
Federal Housing Administration
FHASecure - Provides certain sub-prime borrowers refinancing
opportunities
1-800-CALL-FHA
U.S.
Department of Housing and Urban Development
For further information on foreclosures and to locate a Home Ownership
Counselor
HUD-Approved Housing Counseling Agencies
888-995-HOPE
“How to Avoid Foreclosure” Publication
Foreclosure
Resources Available to Wayne County Residents
Hotlines & Referrals
| Agency
Name |
Contact
Information |
Type of
Assistance |
| Homeownership Preservation Foundation |
888-995-HOPE
www.995hope.org |
Foreclosure intervention, Prevention
and local affiliate referral |
| United Way |
2-1-1
www.unitedway.org |
Referrals-only; caller provided with
national and local affiliates based on their individual
circumstances |
Community-based housing counseling agencies certified by HUD and
MSHDA
| Agency
Name |
Contact
Information |
Type of
Assistance |
| Bethel Housing Counseling Agency |
(313) 833-9912 |
Mortgage Delinquency and Default
Resolution; pre-purchase; post-purchase; fair housing; loss
mitigation; money management; Reverse mortgage. |
| Detroit Non-Profit Housing
Corporation |
(313) 972-1111 |
Mortgage Delinquency and Default
resolution; pre-purchase; post-purchase; money management;
renter’s assistance; homeless assistance; reverse mortgage. |
| Family Tree |
(313) 962-2329 |
Foreclosure prevention; pre-purchase;
post-purchase; home maintenance; financial management. |
| Michigan Neighborhood Partnership
|
(313) 361-4530 |
Foreclosure prevention; pre-purchase;
financial management; home maintenance. |
| New Hope |
(313) 255-6275 |
Foreclosure prevention; pre-purchase;
home maintenance; financial management; post-purchase. |
| Mission of Peace |
(313) 872-2900 Detroit office
(810) 232-0104 Flint office |
Foreclosure prevention; pre-purchase;
post-purchase; renter’s assistance; fair housing; home
maintenance; financial management |
Phoenix Housing & Counseling
Non-profit, Inc.
*Languages: Arabic, French, Spanish |
(313) 964-4207 |
Foreclosure prevention; pre-purchase;
home maintenance; financial management; Reverse Mortgage. |
SouthWest Housing Solutions
*Languages: Spanish |
(313) 841-9641 |
Foreclosure prevention; pre-purchase;
financial management. |
| U-Snap Bac Non-profit Housing Corp.
|
(313) 640-1100 |
Foreclosure prevention; pre-purchase |
Governmental and quasi-governmental agencies
| Agency
Name |
Contact
Information |
Type of
Assistance |
Michigan State
Department of Human Services (DHS) |
20 offices throughout Wayne County
www.michigan.gov/dhs |
Homeownership services to prevent
foreclosure; rental relocation assistance; utility assistance;
home repair assistance. |
| Michigan State Housing Development
Authority (MSHDA) |
(313) 456-3540 Detroit office
(517) 373-8370 Lansing office
www.michigan.gov/mshda |
Foreclosure programs and resources;
Down Payment Assistance; funds housing rehabilitation assistance
programs; offers rental assistance programs |
| HUD |
(313) 226-7101
1-800-569-4287
www.hud.gov |
Foreclosure resources; funds down
payment programs; funds housing rehabilitation programs; funds
public housing and rental assistance programs |
| FHA |
1-800-CALL-FHA
www.fha.gov |
Offers FHA Secure refinance program;
loss mitigation with FHA-insured mortgages; referral services. |
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