The loss of a home is a terrible burden on a family. Georgians know all too well that foreclosures have been at record levels. Over the last two years, Congressman Scott’s office has fielded over 1200 calls from constituents facing foreclosure problems. Each case is unique and none are easy.
Last July, Congressman Scott partnered with Treasury and HUD to sponsor a foreclosure workshop. Thousands of Georgians attended and sat down with housing counselors and bank representatives. Most were able to make progress on their mortgage. Another event is being scheduled for June and more information will be linked here. In the meantime, it may be useful to consider some tips that the staff has compiled based on their experiences with helping constituents with their mortgage cases.
Pay your mortgage, even if the bank tells you not to
Work with a HUD-approved counselor
Maintain a correspondence record in writing
Communicate with the lender
Get the ID number and full name of the representative with whom you speak
Know your mortgage contract parameters and rights
Stop paying your mortgage
Have unrealistic expectations if your financial situation is suffering
Stop sending requested documentation to lender
File bankruptcy without being fully aware of the effects and implications
Wait to seek mortgage assistance or housing counseling as it complicates your situation further
Hesitate to contact an attorney if you believe the bank is not adhering to laws or policies and procedures
For more information about avoiding foreclosure, visit the HUD website at this link. You can also find a list of HUD-approved housing counselors in Georgia at this link.
Additionally, Chase will host a 4 day Homeowners Assistance Event, March 3-6, 2011, for customers with Chase, EMC or WaMu mortgages. No appointments are necessary and Chase expects to sit down with most borrowers within 15 minutes of their arrival. The event will be held at the GA World Congress Center. See flyer here.