The first step in a homeowner addressing any mortgage payment issues is to contact your lender and request a meeting. At the meeting, you as the homeowner will discuss your financial hardship, disclosing your current income, debt obligations, and asset situation. As a homeowner uncertain about being able to afford your mortgage, you are encouraged to contact your lender right away. Homeowners seeking guidance and foreclosure counseling can review the resources on this page, as well as contact FISC Homeownership and Foreclosure Specialists at 920.886.1000 or visit FISC online.
The federal govenment has implemented a number of programs to assist homeowners who are at risk of foreclosure and otherwise struggling with their monthly mortgage payments. The majority of these programs are administered through the U.S. Treasury Department and HUD. This page provides a summary of these various programs. Visit HUD Avoiding Foreclosure.
The Making Home Affordable (MHA) Program is a critical part of the Administration's broad strategy to help homeowners avoid foreclosure and stabilize the nation's housing market. Eligible homeowners can lower their monthly mortgage payments and get into more stable loans at today's low interest rates. And for those homeowners for whom ownership is no longer affordable or desirable, the program can provide a way out that avoids foreclosure. There are also options for unemployed homeowners and homeowners who owe more than their homes are worth. Visit https://www.makinghomeaffordable.gov.
Have interest rates fallen? Or do you expect them to go up? Has your credit score improved enough so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage? The answers to these questions will influence your decision to refinance your mortgage. But before deciding, you need to understand all that refinancing involves. Visit http://www.federalreserve.gov/pubs/refinancings/ .
Call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673). If you are uncomfortable calling your lender or meeting someone face-to-face initially, call 888-995-HOPE to receive counseling from a HUD-certified housing counselor over the phone, 24 hours a day, seven days a week. Counselors on staff speak English, Spanish, and over 20 additional languages. .
The Wisconsin Foreclosure Mediation Network, which began in July of 2009, has helped more than 3,000 families facing foreclosure. On average, just under 50% of all mediated cases resolve the foreclosure action with a loan modification, giving homeowners a fresh start and lenders a performing loan. When home retention is not a viable option, the programs provide resources and facilitate transitional options so borrowers have a dignified exit and soft landing. A survey, which included both lender’s counsel and homeowners, found that 98% of program participants would recommend the program to others in foreclosure. Visit the Wisconsin Foreclosure Mediation Network.
Foreclosure is a legal process that employs many terms that may be new to you. The Homeownership Preservation Foundation put together a helpful glossary to help you understand the most common words and concepts. Foreclosure and Home Finance Glossary .
Homeowners who are struggling with their mortgage payments are facing tough choices—do you stay in a home you may no longer be able to afford or should you try to leave? While it may be difficult to think about leaving your home and making this decision, it may be the best option if other solutions to keep you in your home are no longer viable. Options to Leave Your Home .
If you’re age 62 or older, you can receive money from your mortgage company by borrowing against the value of your home through a reverse mortgage. The payments you receive along with accrued interest and other charges increase the loan’s balance and decrease your equity in the property. Visit the Reverse Mortgage as An Option
Information from HUD regarding mortgage payment relief and protection from foreclosure provided under the Servicemembers Civil Relief Act for active duty military personnel who had a mortgage obligation prior to enlistment or prior to being ordered to active duty. Visit the Servicemembers Civil Relief Act .
The Homeowners Protection Act gives you the right to request that your lender cancel PMI when you have reached the date when the principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home. Canceling PMI may help you reduce your mortgage payment by between $40 and $100 per month. Visit the Consumer Finance Protection Bureau .
Learn about the laws guiding foreclosure in Wisconsin. Visit the Wisconsin State Law Library which serves the state's Supreme Court and state government.