HUD's National Servicing Center provides information for residents who are facing the loss of their home, trying to avoid foreclosure and/or working with lenders.
Overview
Foreclosure and How To Avoid It
Help with Lenders
or (888) 297-8685
Learn more about the steps a home owner in case mortgage payments cannot be met, mortgage information for families with FHA loans, managing debt and credit, etc.
http://www.hud.gov/offices/hsg/sfh/econ/econ.cfm
HOPE Hotline:
Foreclosure Prevention Hotline: 888-995-HOPE
Foreclosure Prevention Website: www.njhope.gov
Newark-Urban Essex Foreclosure Task Force
foreclosure-counseling.pdf
HUD's Reverse Mortgage is a federally-insured
private loan, and it's a safe plan that can give older Americans greater
financial security. Many Seniors use it to supplement social security,
meet unexpected medical expenses, make home improvements, and more. You
can receive free information from HUD about Reverse Mortgages by calling
1-888-466-3487, toll-free or visit:
www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
New Jersey Housing and Mortgage Finance Agency (HMFA) is dedicated to increasing the availability of and accessibility to safe, decent and affordable housing to families in New Jersey. For information on programs available to home owners visit:
http://www.state.nj.us/dca/hmfa/singfam/index.html
Learn More About Predatory Lending Practices
Looking to Refinance?
If you're refinancing your mortgage or applying for a home equity installment loan, you should know about the "Home Ownership and Equity Protection Act of 1994." The law addresses certain deceptive and unfair practices in home equity lending.
Visit the Federal Trade Commission - Facts for Consumers:
http://www.ftc.gov/bcp/conline/pubs/homes/32mortgs.htm
Federal Trade Commission Consumer Alert!
Need a Loan? Think Twice About Using Your Home as Collateral If you need money to pay bills or make home improvements, and think refinancing, a second mortgage, or a home equity loan is the answer - consider your options carefully. If you can't make the required payments, you could lose your home.
For More Information The American Association of Retired Persons has information about predatory lending. You can access information by phone: toll-free 1-888-687-2277; by mail: AARP, 601 E Street, NW, Washington, DC 20049
Home Equity Scams: Borrowers BEWARE
Do you own your home? If so, it's likely to be your greatest single asset. Unfortunately, if you agree to a loan that's based on the equity you have in your home, you may be putting your most valuable asset at risk.Homeowners-particularly elderly, minority and those with low incomes or poor credit-should be careful when borrowing money based on their home equity.
http://www.ftc.gov/bcp/conline/pubs/homes/eqscams.htm