Worried About Foreclosure?
Your housing counselor can help you:
Understand the foreclosure process and review options to
- Review your income, living expenses and debt repayments
- Understand your options for managing the overdue mortgage
Work with you and your lender to try to negotiate new terms for
Are you facing or worried about potential foreclosure on your home mortgage? If you are behind or anticipate not being able to keep up with your house payments, we can work with you to try and find a debt solution that allows you to keep your home.
American Financial Solutions (AFS) is a HUD-approved housing counseling agency that offers assistance to clients in Washington State to help them remain homeowners.
In a confidential, one-on-one counseling session, our housing counselors will help you assess your situation – with respect to your home mortgage and other outstanding debt, inform you of options and work directly with your lender to try to find a debt solution that you can live with. Mortgage credit counseling sessions are offered free of charge.
Under the new Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance to reduce your monthly payments and help you keep your home.
Additional information on Mortgage Foreclosure and avoiding scams is provided by the Department of Housing and Urban Development.
National Mortgage Settlement
The Attorney General recently announced that the federal government and 49 states had reached a settlement agreement with the nation’s five largest mortgage servicers to address mortgage servicing, foreclosure, and bankruptcy abuses (the “National Mortgage Settlement”). On April 4, 2012, the United States District Court for the District of Columbia entered orders approving the settlement.
The National Mortgage Settlement is the largest consumer financial protection settlement in United States history, and settles certain state and federal investigations relating to mortgage servicing abuses, including abuses in the bankruptcy process. The settlement will provide as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal government. For more information, please click on the links below.
- The United States Trustee Program’s website concerning the National Mortgage Settlement, which includes Frequently Asked Questions: http://www.justice.gov/ust/eo/public_affairs/consumer_info/nms/index.htm
- The website of the Office of Mortgage Settlement Oversight at: http://www.mortgageoversight.com/
- The website of the Executive Committee of the state attorneys general: http://www.nationalmortgagesettlement.com/