Facing Foreclosure?
Once you receive notice that your lender has filed a foreclosure, you could lose your home in as little as 6 months. If you act today, you may be able to prevent the foreclosure!
Contact your mortgage lender: Many foreclosures can be prevented by calling your lender and asking to speak to someone in the Loss Mitigation Department. Call them and explain your circumstances and ask about your options. Your lender (or loan servicer) may be able to work out a payment plan or modify your mortgage to avoid foreclosure. (See below for direct phone numbers of Loss Mitigation Departments of the major lenders and mortgage loan servicers serving our area.)
Call the HOPE Hotline: 888-995-HOPE Get free advice and support, 24 hours a day, 7 days a week for the HOMEOWNERSHIP PRESERVATION FOUNDATION by calling 1-888-995-HOPE. The Hope Hotline has a single mission: to help keep more people in their homes. Non-profit, HUD-approved housing counseling agencies are available to give you objective advice, access to local resources, and help in developing a financial action plan.
Beware of Scams!
Solutions that sound too good to be true usually are. There are people who may try to take advantage of your financial difficulties. Some may try to take ownership of your home, or charge fees for services that are available for free. Get legal advice before entering into any deal involving your home.
Don't Wait!
Calling sooner means more available options to you to avoid foreclosure. If you do nothing, you will lose your home…
This information is provided as a public service and should not be considered as legal advice. You will need to contact an attorney for legal advice.
As many as 50% of Foreclosures can be prevented by calling your lender and asking to speak to someone in their LOSS MITIGATION Department.
Number of Lorain County's most active lenders:
ABM AMRO Mortgage 800-783-8900
Bank One 800-234-6002
Beneficial 800-333-5848
CHASE Home Finance 800-446-8939
Charter One 800-234-6002
CitiFinancial Mortgage 800-753-3673
Countrywide Home Loan 800-262-4218
Deutsche Bank National # on statement
Fifth Third Bank 800-375-1745, Option 3
First Merit Bank 800-728-9931
GMAC Mortgage 800-850-4622
HSBC Mortgage 800-925-2540 x 3888
Key Bank 800-669-6607
Mrtg. Elec. Reg. System 800-646-6377
National City Mort. Co. 800-523-8654
Ohio Savings Bank 866-476-0022
JP Morgan Chase 800-234-6002
Select Portg. Serving 888-818-6032
SkyBank 800-290-3359
Third Federal Savings 888-844-7333
US Bank 800-365-7900
Wachovia Bank 866-642-8608
Washington Mutual 866-926-8937
Wells Fargo Mortgage 877-216-8448
Possible remedies to discuss with your lender:
Forbearance Agreements:
These are repayment plans based on changes in your financial circumstances. (Example: possibly suspending one or two payments.)
Loan modification:
Extension of your loan, lengthening the maturity or lowering the interest rate.
Partial Claim:
HUD may provide interest-free loans to catch up on delinquent FHA loans. Loan to be repaid when house sold or mortgage retired.
Short Sale:
Selling house for less than what is owed on mortgage; lender writes off difference as a loss.
Deed in lieu (of foreclosure):
Borrower signs house over to lender. Office of Consumer Affairs recommends obtaining lender's written surrender of all claims.
