What you can do in a mortgage meltdown

Here are resources that can help as you sort out a mortgage nightmare:

Local / regional

• GreenPath Debt Solutions in Farmington Hills is a non-profit consumer credit counseling agency whose service area includes Monroe County. Tenants, homeowners and future home purchases are all eligible for the services. This agency is a HUD-approved housing counseling agency. The initial appointment or consultation is free, but there is a fee for the debt management program if you decide to set up such an account. For information, go to the agency’s web site or call (888) 860-4167.
• Julie’s List is a huge database of non-profit and assistance agencies in southeast Michigan. Here is her general financial assistance page, which includes some housing referrals; and her Rent and Mortgage page.

Michigan

• The Michigan State Housing Development Authority has a Save the Dream: A Response to Michigan Foreclosures campaign with a tips on how to save your home and easy-to-read explanation of what happens during the foreclosure process.
• The Michigan State Attorney General’s Office has this pdf brochure on Avoiding Foreclosure.

National

• HopeNow is a national coalition of credit and homeowner counselors, mortgage providers and federal agencies that formed in 2007 to work on a cooperative, multi-faceted solution to helping homeowners who are at risk. The approved agencies include at least three in southeast Michigan.
• The Home Ownership Preservation Foundation’s goal is to help homeowners learn how to avoid foreclosure, whether there is a short-term or long-term issue causing the financial problems.
• The Federal Reserve Board has Foreclosure Resources for Consumers.
• U.S. Department of Housing and Urban Development has this page: Tips for Avoiding Foreclosure.
• Federal Housing Administration has this detailed page: You Can Avoid Foreclosure and Keep Your Home. The tips include special circumstances such as active duty military personnel; and different approaches you should take when there is a short-term problem vs. a long-term problem.
• FHASecure is a refinancing program aimed at credit-worthy homeowners who have a non-FHA insured adjustable rate mortgage. For details, go to www.fha.gov.
• AARP has this article: Get Above Water: When You Are Struggling to Make Mortgage Payments.
• My Money Management has three Financial Fitness Tips Booklets you can download.

I’ll keyword related articles in my blog with “foreclosure,” and many of these posts also are cross-referenced under “housing” and “in the news.”

Last updated June 29, 2008.

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