Foreclosure Prevention FAQs
What is the HOPE NOW alliance?
HOPE NOW is an alliance between HUD-approved housing counseling agencies, mortgage companies, investors, and other mortgage market participants. This alliance maximizes outreach efforts to homeowners in distress to help them stay in their homes and creates a unified, coordinated plan to reach and help as many homeowners as possible. The members of this alliance recognize that by working together, they are more effective than by working independently. MMI is a member of the HOPE NOW alliance and is proud to offer services through the Homeowner's HOPE™ Hotline.
What is the benefit of working with a HOPE™ Hotline counselor?
When you work with a Homeowner's HOPE™ Hotline counselor, you will get a complete analysis of your situation and your budget. Your counselor can also help you discover all of your options and be informed about other resources that may be available. There is no cost to talk with a Homeowner's HOPE™ Hotline counselor.
What can you do to save my home?
Counselors are certified and trained to set up a plan of action designed just for you and your situation. Spanish-speaking counselors are also available. We do not just offer general advice - we help you take action. Representatives will arm you with education and support that assists you in overcoming immediate financial issues.
Keep in mind, though, that your options will vary depending on the details and delinquency of your mortgage. It’s possible that there may not be a way to prevent a foreclosure that is already in progress. That’s why it’s important to seek help as soon as you begin to struggle.
Is information submitted through this website secure?
Yes, MMI is committed to maintaining your privacy and online confidentiality whether you are filling out an online counseling form or maintaining your account online. Our privacy statement outlines the steps that we’ve taken to ensure that any information or data that you provide is kept confidential and cannot be used improperly.
What happens after I have submitted my information?
After submitting an online counseling form, a counselor will contact you to set up an appointment.
I just bought a house but have lost my job and can’t currently make my payments. What options do I have besides foreclosure?
Open communication may be the answer to your problem. Many lenders have policies in place to help people in your situation. Please call your mortgage company today.
Turning the keys over to the bank is not a desirable solution for either party. This would negatively impact your credit for the next seven years and possibly prevent you from getting another loan during that time. In addition, if the bank sold the home for less than the loan amount, you may be responsible for the difference. A certified foreclosure counselor can help you better analyze your unique situation and find a course of action that potentially satisfies you and your lender.
My mortgage company says I am behind on my mortgage, but I disagree. Can they make me pay?
Do you have proof that you are current on your payments? Check your bank statements, mortgage statements, or cancelled checks to verify payment.
With proof, you and your mortgage company can surely resolve the situation. Without proof, the mortgage company can request payment in full and does not have to accept your plan to pay the amount in installments. That being said, many lenders are willing to work with consumers to get back on track.
We recommend that you keep the lines of communication open with your lender and start searching for that proof. Remember to keep detailed records in the future.
I am unable to make up for missed mortgage payments at this time. What are my options?
The first thing you need to do is contact your mortgage company to see what options they might be able to offer to help you keep your house. There are many solutions to avoid a foreclosure through loss mitigation. Some of the many alternatives to curing a delinquent mortgage include a partial claim, a straight modification, and a forbearance.
For more information, visit the Department of Housing and Urban Development's website.
You can also seek free assistance from one of MMI's HUD certified housing counselors and learn more about MMI's foreclosure counseling services.
How much time does it take to get a new home after foreclosure?
The foreclosure will remain on your credit report for up to seven years.
In the meantime, keep paying your bills on time and as agreed. As the foreclosure ages and you continue to use credit wisely, your chances of obtaining a new loan will improve.