Office of the Comptroller of the Currency (OCC) Announces Foreclosure Review Process

OCC Announces Foreclosure Review Process Homeowners whose primary residence was part of a foreclosure action between January 1, 2009 and December 31, 2010, and whose home loan was serviced by specific servicers, may be eligible for an independent foreclosure review. More information is available from the Office of the Comptroller of the Currency (OCC). 

Remain Wary of Loan Modification Scams

I'd like to remind our community members to never enlist the help of companies that charge up front fees to "save your home." Please remember to only seek assistance from a HUD- approved housing counseling agency. Foreclosure intervention counseling is always a FREE service provided by well-qualified individuals at non-profit organizations. There are still scammers out there who are preying on homeowners in distress. The following are common signs of a company seeking to scam: 

- Asks for a fee in advance

- Guarantees that they'll stop a foreclosure or modify a loan

- Tells you to stop paying your mortgage company and to pay them instead

(www.loanscamalert.org)

Arizona Foreclosure Help-Line

Free foreclosure assistance is only a phone call away! Call the Arizona Mortgage Foreclosure Help Line: 1-877-448-1211. Trained specialists help connect homeowners with a counseling agency in their area.

The Positive Impact of Foreclosure Counseling

I realize many homeowners in distress are initially skeptical of the quality of service they can receive at a housing agency that doesn't charge for providing assistance. These homeowners may feel like either dismissing this free counseling as ineffective- or even worse- enlisting the help of an individual or group that charges a fee for their "services." Housing counselors at HUD-certified agencies are salaried through federal and state grant funding. They are experts in their field that provide vital foreclosure prevention counseling to community members.

Data supports the importance of working with a HUD counselor! A key finding of a recent Urban Institute report was the fact that homeowners who received NFMC counseling had almost a 70 percent, or 1.7 times- higher relative odds of curing their foreclosure than if they had not received NFMC counseling!

If you are seeking assistance- please find a counseling agency in your area of Arizona by following the link below:

http://www.azforeclosureprevention.org/hud_agencies.htm

Arizona Foreclosure Information Workbook

I've noticed real estate agents across the state publicizing their possession of the Arizona Foreclosure Prevention Workbook on their blog or website. He or she will offer to share a copy of our workbook only if the homeowner seeking foreclosure education submits their contact information.

The Arizona Foreclosure Information Workbook is a FREE resource always available for download at azforeclosureprevention.org. A homeowner in distress does not need to submit any information to receive a copy of this valuable resource.