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Help for Mortgage Borrowers: An Update
In our Fall 2007 issue, we reported that the FDIC and other government agencies were encouraging mortgage lenders and their loan servicing companies to modify the terms of unaffordable loans to keep people from defaulting and losing their homes when interest rates reset significantly higher. Now here's an update.
On December 6, 2007, the U.S. Treasury Department announced that a number of lenders and loan servicers had agreed to freeze interest rates for five years for certain homeowners who could lose their homes if their payments reset to a higher interest rate. FDIC Chairman Sheila C. Bair has publicly supported this plan, which will streamline the loan-modification process and free up resources to help other troubled borrowers.
Homeowners having difficulty paying their mortgage should contact their loan servicer to find out if they qualify for loan modification. Those who do not qualify may want to ask about other plans or options for revising or renegotiating their loans.
Borrowers may first wish to seek help from a trained homeownership counselor. To find a reputable counselor, contact the Homeowner's HOPE Hotline at the Homeownership Preservation Foundation (1-888-995-4673 or http://www.995hope.org) or the U.S. Department of Housing and Urban Development for a referral to a HUD-approved homeownership counseling agency (1-800-569-4287 or http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm).
If you are having difficulty reaching your servicer, you can call the FDIC Call Center at 1-877-ASK-FDIC (1-877-275-3342). Although you will need to discuss your particular situation with your servicer, the FDIC can help you contact your servicer or the appropriate state or federal regulator.
FDIC Consumer News is published by the Federal Deposit Insurance Corporation
FDIC Consumer News is produced quarterly by the FDIC Office of Public Affairs in cooperation with other Divisions and Offices. It is intended to present information in a nontechnical way and is not intended to be a legal interpretation of FDIC or other government regulations and policies. Mention of a product, service or company does not constitute an endorsement.
Find current and past issues of FDIC Consumer News at http://www.fdic.gov/consumernews. Refer to this same index to locate the issues that are specially formatted for being reprinted in any quantity.
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Last updated on 02/12/2008