Federal resources for homeowners in distress

Federal Resources Seller flag 160Everyone facing the loss of a home needs some help and solid advice. Here’s how to get some from federal programs:

What if I am unable to reach my mortgage company?
Call the Homeowners HOPE Hotline at 1-888-995-HOPE (4673).

Experienced counselors can help you consider the best plan of action for your financial situation. This is service is available for homeowners only. Realtors cannot call on behalf of their clients.

May I speak to a counselor in person?
Yes! County, federal, state, and local governments as well as nonprofit organizations are sponsoring events on foreclosure prevention.

What is the Home Hope for Homeowners program?
Hope for Homeowners is a federal program in place to help people avoid mortgage foreclosure.

How do I know if my loan is owned or guaranteed by Fannie Mae or Freddie Mac?

For Fannie Mae: 1-800-7FANNIE (8 a.m. to 8 p.m. EST).

For Freddie Mac: 800-FREDDIE (8 a.m. to 8 p.m. EST)

Which documents should I have available while preparing for a short sale or speaking with a HUD counselor?

  • Your monthly mortgage statement
  • Information on your second mortgage or home equity line of credit
  • Bank statements showing all your savings and other assets.
  • Two years of tax returns
  • Account balances and minimum monthly payments of all your debts, including credit cards, car loans, student loans
  • Monthly gross (before tax) income, including salary and rental income
  • An estimate of your monthly expenses
  • Supporting documents for the circumstances of your hardship, such as job loss, divorce, illness, a death, relocation

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