Foreclosure PreventionThe Office of the Comptroller of the Currency has a number of resources for consumers, community groups, and bankers to help them preserve their home ownership, avoid foreclosure, and protect themsleves against foreclosure and debt elimination scams.Consumer Advisories Related to Home Ownership
Reverse Mortgages: Are They for You? (September 2009) This Consumer Advisory, issued by the Office of the Comptroller of the Currency, is designed to help you better understand reverse mortgages. Reverse mortgages are complex loans, and are secured by your home. It is important to understand their terms, risks, and costs before you sign a reverse mortgage contract. It is also important to consider alternatives to reverse mortgages.
OCC Consumer Tips for Avoiding Foreclosure Rescue Scams (May 2008) This Consumer Advisory from the OCC provides advice to help prevent borrowers from becoming victims of foreclosure rescue scams. It outlines what people should watch out for to avoid foreclosure rescue scams and provides a list of resources people can use to find qualified sources for help.Additional Resources
Making Home Affordable President's Obama's "Making Home Affordable" plan provides responsible homeowners support to obtain affordable refinancing or loan modifiactions to help tem stay in their homes.
OCC Neighborhood Stabilization Resources The OCC recently launched this Web page which contains a range of resources for bankers and consumers related to homeownership preservation and stabilizing neighborhoods affected by foreclosures.
Interest-Only Payments and Payment-Option ARMS: Are They For You? (PDF 2.9MB) Owning a home is part of the American dream, but exotic mortgages carry risks that consumers should understand. This brochure helps explain Interest-Only and Payment-Option Adjustable Rate Mortgages.
Borrowing against the equity in your home Borrowing from an unscrupulous lender, especially one that offers a high-cost loan using the home as security, could result in the loss of the borrower's home and their money. This brochure, Putting Your Home on the Loan Line is Risky Business, warns that regardless of whether a home equity loan is for a home repair, bill consolidation or some other purpose, it is important to shop around. The Comparison Shopping for a Home Equity Loan worksheet, can be used to help you shop for the best deal.
OCC Anti-Fraud Resources OCC's new feature provides Consumers and Bankers with information and resources to effectively identify, report, and combat fraud.
Foreclosure Prevention: Improving Contact with Borrowers (PDF 295KB) This Insights report reviews strategies that banks are using to prevent foreclosures to mitigate credit losses. The strategies presented in the report involve partnerships developed by banks, nonprofit organizations, state and local governments, and others who have a stake in keeping homeowners in their properties and maintaining the economic health of local communities.
Letter from President Obama Foreclosure scams are destructive, deceptive, and devastating to families who are fighting to survive. We have families on the edge of foreclosure that are being offered relief too good to be true, and we at HUD will take every possible measure to educate and protect consumers and homeowners, bring these scams to light, and prevent con artists from exploiting the housing crisis. There are legitimate people, places, and agencies that American families can turn to when they are facing foreclosure, and many of you are working on these efforts. I would like to make the attached flyer available to you for distribution to your clients. It is a printable, easy-to-copy one pager detailing how consumers can access President Obama’s housing plan for FREE. We are distributing the flyer nationwide today to all of our housing partners—our HUD field offices and staff, housing authorities, state and local agencies, and non-profit organizations. This and other targeted outreach efforts will help us reach out directly to communities hard-hit by foreclosure about the legitimate foreclosure assistance available to them. For the homeowners fighting hard to make their mortgage payments and stay in their homes, our housing plan—the Making Home Affordable Plan—will help up to 9 million Americans. Making Home Affordable will work in concert with the President’s Recovery Act and support a recovery in the housing market. Our plan is helping families in three ways. First, we are protecting housing opportunities for all Americans by taking action Administration-wide to reduce interest rates, which are now at historic lows. Second, we will assist 4 to 5 million homeowners who can’t otherwise take advantage of today’s historically low mortgage interest rates. Lastly, we have committed up to $75 billion to help an additional 3 to 4 million homeowners who are at risk of foreclosure modify their unaffordable mortgages into affordable ones. These three planks of our housing plan will keep American families in their homes and prevent the falling home prices that result from nearby foreclosures. These three planks of our housing plan will keep American families in their homes and prevent the falling home prices that result from nearby foreclosures.
Homeowners NEVER have to pay to participate in the President’s Making Home Affordable program. I encourage anyone trying to modify or refinance their loans to a monthly mortgage payment that is affordable to visit the Making Home Affordable website at makinghomeaffordable.gov. Homeowners can also call the Homeowner’s HOPE Hotline at 1-888-995-HOPE for free foreclosure counseling assistance. April is National Fair Housing Month. It’s important, in that context, to recognize that the economic and housing crises, including foreclosure scams, have disproportionately impacted minority populations across the country. Unscrupulous financial institutions, brokers, and others have broken their trust as lenders, cheating and lying to families fighting to make their way through this crisis. I will renew our commitment at HUD to fair housing enforcement, particularly for lending violations that target minority communities. As part of our broader effort to combat abuse and fraud, HUD is using new tools, including the SAFE Act and RESPA, to protect American families. We at HUD will ensure that all Americans, particularly those in areas previously victimized by unscrupulous practices, are protected and will enforce our laws against those who prey upon them. I hope that you will find the attached flyer useful in your outreach to consumers about the President’s Making Home Affordable plan. Signed – Shaun Donovan, Secretary Brochure text: Alert - Don’t Become a Victim of Mortgage Scams Affordable The Obama Administration recently announced the Making Home Affordable Program, designed to assist up to nine million American families refinance or modify their loans to a monthly mortgage payment that is more affordable. Due to the overwhelming interest in the plan, homeowners are increasingly becoming the target of scammers trying to take advantage of families with false promises and steep fees to provide foreclosure assistance. With President Obama’s plan, a homeowner NEVER has to pay to participate in the program. If you wish to obtain counseling assistance, HUD urges you to contact a local HUD-approved housing counseling agency to ensure they are receiving legitimate information. D Counseling Agencies HUD counseling agencies are designed to provide advice to consumers on: • Buying a home • Renting a home • Loan defaults • Foreclosures • Credit Issues • Reverse mortgages Where to Turn Making Home Affordable www.makinghomeaffordable.gov HUD Approved Counselor www.hud.gov/offices/hsg/sfh/hcc/ hcs.cfm HUD www.hud.gov HUD Housing Counseling 800-569-4287 Hope Now 888-995-4673 *****The U.S. Federal Trade Commission works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. If you feel you have been a victim of a foreclosure scam, to file a complaint or to get free information on consumer issues, contact: www. ftc.gov or 877-FTC-HELP (1-877-382- 4357); TTY: 1-866-653-4261 Is Foreclosure Right For You?
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