Mike’s Real Estate Show

Important  “help” telephone numbers dealing with loan problems
 
Standard  # for loan information is 1-888-446-6390

Current Countrywide customers : Loan administration   1-800-669-6650 if already delinquent ( includes short sales/ work outs/ Foreclosures )
 
1-888-995-4673  is the number for National assistance hotline , a non-profit Homeownership Preservation Foundation Credit Counseling
 
Potential solutions …. Forbearance (Temporarily delaying payments), Repayment Plan (It involves spreading the delinquent amount over several months to catch up) Modifications ( Temporary or permanent change in one or more of the borrower’s loan terms that generally reduces the monthly payment down lo a more affordable amount . Methods could include changing the interest rate or extending the time available to pay) Refinancing the Home loan to new one more suitable to current needs of borrower. Short sales where less than owed money is accepted to help facilitate the sales of a home (some tax implications possible on short sales, as lender can issue a 1099 form showing forgiven amount which may be regarded as income for tax purposes in the specific tax year the short sale took place)
If your debt is beginning to mount ,contact your creditors ( credit card companies ) for interest rate relief or work out plans . . . .look at overall household expenses to devote more moneys to obligations
Be wary of Foreclosure rescue scams …. Make sure that credit counselors work for HUD approved organization, beware of anyone who offers to buy your home and help you buy it back later, carefully review any offers that require you to pay a fee for counseling and other help

As the servicer, not the actual owner of most loans , we gather the information and submit to the actual owner of the loan and communicate then to borrower with options