President Barack Obama has released a plan to reduce the pace of foreclosures in America. The plan, "Making Home Affordable Refinance and Modification Options," is expected to help nine million Americans who are at risk of losing their homes to foreclosure. Learn if you qualify for that plan.
If you face the possibility of forclosure and do not qualify for the plan, consider this advice from the Federal Reserve Board.
- Don't ignore your mortgage problem. If you are unable to pay — or haven't paid — your mortgage, contact your lender or the company that collects your mortgage payment as soon as possible.
- Do your homework before you speak to your lender or housing counselor. Find your original mortgage loan documents and review them.
- Know your options. Some options provide short-term solutions, while others provide long-term or
- Stick to your plan. Protect your credit score by making timely payments. Prioritize bills and pay those that are most necessary.
- Beware of foreclosure rescue scams. Conartists take advantage of people who have fallen behind on their mortgage payments and who face foreclosure.
Learn more about temporary solutions for short-term financial problems and long-term solutions or adjustments to your loan.