FORECLOSURE INTERVENTION

HOT OFF THE PRESS! http://www.financialstability.gov/

On Tuesday, February 10th, Treasury Secretary Timothy Geithner outlined a comprehensive plan to restore stability to our financial system. In the address, Secretary Geithner discussed the Obama Administration’s strategy to strengthen our economy by getting credit flowing again to families and businesses, while imposing new measures and conditions to strengthen accountability, oversight and transparency in how taxpayer dollars are spent. And Secretary Geithner explained how the financial stability plan will be critical in supporting an effective and lasting economic recovery.

NeighborWorks® has helped more than 4,000 Montanans
avoid foreclosure. We offer foreclosure prevention services to sustain the gain of homeownership, keeping families in their homes and maintaining their equity.

We Can Help You
Stay In Your Home

If you are behind on your mortgage payments, NeighborWorks® Montana’s network of counselors can help you avoid foreclosure or help mitigate the impacts of foreclosure. But we can’t help if you don’t call. When you call, we will set up a confidential meeting with you to review your mortgage.

Here are some of the options:

• We can help you talk to your mortgage company to workout options for your delinquency.

• We can help you create a budget that will bring your mortgage current.

• We can evaluate your affordability for a loan to bring your mortgage current.

• If you can no longer afford your house payments, we can help you arrange to sell your home to save your equity and your credit rating.

• If your mortgage is an adjustable rate mortgage (ARM) or an interest only loan, we may be able to identify resources to modify or refinance
  your loan.

“This is such a wonderful program. It saved my family home and came at a time when we were at our lowest point.”

- Foreclosure Prevention Homeowner

Additional resources for foreclosure
mitigation and housing counseling.

12 Things You Should Know
When You Call Your Lender

1. Contact your servicer immediately if you are unable to make your payment.
2. Ask your servicer about alternatives to foreclosure including repayment plans, forebearance, and other workout options.
3. Provide any information requested by your servicer quickly to avoid further foreclosure costs.
4. Be prepared to provide detailed financial information to assist your servicer in qualifying you for a potential work-out option. Be honest about your circumstances.
5. Be ready to change your spending habits.
6. Call a HUD certified housing counselor if you would like to talk to a third party.
7. Be sure to open ALL MAIL from your servicer or your servicer’s law firm and respond quickly.
8. Ask critical questions:
   • What is the anticipated timeline to complete a work-out?
   • Will the foreclosure sale be postponed while your servicer reviews the work-out plan?
   • What are your obligations under the work-out arrangement: due date, amounts, etc?
9. If you are not making payments into an escrow account for taxes and insurance your servicer will likely require that you begin doing that.
10. Stay in contact with your servicer and/or counselor at all times.
11. Be realistic about your own financial condition. You may need to sell your house.
12. Your servicer is trying to ensure a positive result for you. Be cooperative and keep your promises.

Your servicer is the company where you make your mortgage payments.