Here are some more tools and information for your homeownership toolbox.
Foreclosure Links and Information
Have you been a victim of a mortgage or foreclosure scam? Have you lost thousands of dollars with no results? Report the crime to LoanScamAlert.org. Fill out the simple form and it will be reported to the appropriate state and Federal agencies.
- http://www.knowyouroptions.com (A project of Fannie Mae and Freddie Mac)
- http://www.mdhope.org/ (The Maryland Hope Line)
Homeownership Links and Information
- U.S. Department of Housing and Urban Development www.hud.gov
- About Homeownership Freddie Mac http://myhome.freddiemac.com/
- Consumer Action www.consumer-action.org
Glossary of Terms
What are the different options that I may have?
Forbearance Agreement: An agreement to suspend or reduce normal monthly payments for fixed periods of time. At the end of this period the client must cure the delinquency through a lump sum payment or long-term repayment plan
Loan Modification: Written agreement that permanently changes one or more of the original terms of the loan, such as a rate payment amount, maturity date, or the amount of the unpaid principal balance.
Reverse Mortgage (HECM): A type of loan for Seniors over the age of 62. Senior citizens that have a significant amount of equity in their home may qualify for this type of product.
Short Sale: The lender agrees to accept the proceeds of the sale as full satisfaction of the borrower's debt.
Deed-in-Lieu: When a borrower voluntarily conveys title to the lender in exchange for a discharge of the delinquent debt.
Foreclosure: A foreclosure is the legal process where your mortgage company obtains ownership of your home (i.e., repossess the property). A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan.
Repayment Plan: Written agreement where the client agrees to cure the delinquency by adding an additional amount to their monthly mortgage payment until the loan becomes current.