Homebuyer 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.

  • The Consumer Federation of America (CFA) is an association of nonprofit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education. Today, nearly 300 of these groups participate in the federation and govern it through their representatives on the organization's Board of Directors.
  • The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.

  • Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.

  • The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

  • The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.

  • The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.