The Departments of the U.S. Treasury and HUD recently launched a website MakingHomeAffordable.gov for consumers seeking information about government-led loan modification and refinancing programs.Visit the website to determine if you are eligible to participate in these programs.
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.
Foreclosure and How To Avoid It
Help with Lenders
or call (888) 297-8685
Learn more about the steps a home owner can take 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
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.
The New Jersey Housing Mortgage and Finance Agency has provided a list of tips to both avoid foreclosure and to obtain affordable housing-related services. Foreclosure Fast Facts.
For additional information on programs available to home owners visit: http://www.nj.gov/dca/hmfa/consu/owners/
New Jersey Judiciary Foreclosure Mediation Program — To obtain information about foreclosure prevention assistance through the New Jersey Judiciary Foreclosure Mediation Program click on this link: www.nj.gov/foreclosuremediation/index.html
Legal Services of New Jersey (LSNJ) — provides the following foreclosure self-help guide: http://www.lsnj.org/selfhelp.htm#foreclosure
Tenants Rights During Foreclosure
Foreclosure Alone is Not Grounds for Eviction.
The New Jersey Department of the Public Advocate has started a campaign to let tenants know that they cannot be evicted solely because the property where they live is in foreclosure or has been foreclosed. The laws protecting tenants from eviction apply throughout the foreclosure process, even after a new owner buys the property.
Click here to view tenant's rights in New Jersey when their unit is the subject of a foreclosure: http://www.lsnjlaw.org/english/placeilive/irentmyhome/foreclosure/forceviction/index.cfm
New Jersey Department of the Public Advocate | The Rights of Tenants During Foreclosure: http://www.state.nj.us/publicadvocate/public/pdf/tenantsforeclosurebrochure.pdf (PDF format)
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
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
Fannie Mae: Beware of Foreclosure Rescue Scams http://www.fanniemae.com/kb/index?page=home&c=homeowners_bewareofscams