Preventing foreclosure

If you are having trouble making your mortgage payments or have already fallen behind and are in default or foreclosure, you may feel scared, ashamed and overwhelmed. At this critical time it is very important that you act quickly.

The information and resources below may help you create a plan to prevent foreclosure.

CONTACT YOUR LENDER

Contact your lender at the first sign that you may have difficulty in making your mortgage payment. Explain your circumstances. Even if the foreclosure process has started, it is not too late to reach out to your servicer.

You may also contact the following for answers to foreclosure questions:

Maine’s Foreclosure Prevention Hotline at 1-888-664-2569 (1-888-NO-4-CLOZ)
Maine Bureau of Financial Institutions at 207-624-8570 or 1-800-965-5235

For more information about the Stabilization Act and how it may help you, click on the following link: http://www.financialstability.gov/makinghomeaffordable/.

CONTACT THE HOMEOWNER’S HOPE HOTLINE FOR A COUNSELOR

HOPE NOW is an alliance between counselors, servicers, investors, and other mortgage market participants to maximize outreach efforts to at-risk homeowners and help them stay in their homes. 800-995-HOPE (4673). http://www.hopenow.com/.

CONTACT A NOT- FOR- PROFIT HOUSING COUNSELOR

HUD Approved Counseling Agencies. http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=me

Foreclosure Counseling Agencies:

Kennebec Valley Community Action Program, Kennebec and Somerset Counties, Rachel Corey 859-1550 rachelco@kvcap.org

Community Concepts, Inc., Androscoggin and Oxford Counties, Linda Lajoie 1-866-2214383 llajoie@community-concepts.org; Bitsy Holt 1-866-221-4383, bholt@community-concepts.org; Audrey Chapman 1-866-221-4383 achapman@community-concepts.org

Coastal Enterprises, Inc.: Statewide: Diane Sherman 882-7552 ext. 126 dianes@ceimaine.org

Consumer Credit Counseling Services (CCCS) of Maine: Statewide: Justin Dobson 1-800-439-CCCS (2227) www.cccsme.org or Justin.Dobson@moneymanagement.org

SEEK LEGAL ASSISTANCE

* Pine Tree Legal Assistance: Jill Hunter – Lewiston: (207) 784-1558; http://www.ptla.org/cliented/contact.htm

* Pine Tree Legal Foreclosure Prevention Toolkit http://www.ptla.org/ptlasite/cliented/foreclosure/index_html

* Maine Volunteer Program – 1-800-442-4293 http://www.vlp.org/help/ContactUs

* Legal Services for the Elderly 1-800-750-5353

AVOID EQUITY THEFT & FORECLOSURE SCAMS

Foreclosure rescue fraud is sweeping the country and can end up costing you the home you’re desperately trying to save from foreclosure. Scam artists often target homeowners struggling to meet their mortgage commitments or anxious to sell their homes. They often refer to themselves with titles that sound official, such as “foreclosure consultant” or “mortgage consultant,” and market themselves as a “foreclosure service” or “foreclosure rescue agency.” They advertise their services on Web sites or publications; they reach out to vulnerable consumers in person, by mail, over the telephone, or by e-mail. Your mortgage lender – or any legitimate financial counselor – can help you find real options to avoid foreclosure. If someone offers to negotiate with your lender and offers to arrange to stop or delay foreclosure for a fee, carefully check his or her credentials, reputation, and experience.

– Courtesy of Maine Bureau of Financial Institutions. Information current on June 30, 2009.