There are alternatives, but it is critical that homeowners explore their options as soon as possible.  Loan modifications through your existing lender may take 3 to 4 months.  It is becoming even more difficult to obtain approval for so called "short sales", with many lenders taking 2 months or more after a contract is received.

To view information about options, here is a list of programs that are either operated by the U.S. government or have its seal of approval:

• To find a counselor, contact the U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287 or (877) 483-1515, or go to www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm

• Call (888) 995-HOPE, the Homeowner’s HOPE Hotline to reach a nonprofit, HUD-approved counselor through HOPE NOW, a cooperative effort of mortgage counselors and lenders to assist homeowners.

• Visit NeighborWorks America’s Web site at www.nw.org/network/home.asp

• Go to this Web site for information on federal mortgage modification and refinancing programs: www.makinghomeaffordable.gov

• The Controller of the Currency’s consumer information site for banking-related questions is www.helpwithmybank.gov

• OCC Customer Assistance Group and consumer assistance site: www.occ.gov/customer.htm

• Federal Trade Commission: www.ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm

• Federal Reserve Board: www.federalreserve.gov/pubs/foreclosurescamtips/default.htm

• NeighborWorks America: http://www.nw.org

• HOPE NOW: www.hopenow.com

Source: Controller of the Currency (04/21/2009)


Real Estate sales is an interesting business to be in right now, with new challenges appearing every day on the sales and financing issues.  If you have questions about your current situation, please feel free to contact me.