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    Foreclosure FAQs

    Every day we help people protect their homes.

    Assessing your options when you're having trouble making mortgage payments, considering refinancing or even buying a home can be overwhelming. We can help. Check out our frequently asked questions below. Visit our resources section that has helpful handouts and financial calculators. And check out our blog, Sense and Centsibility. for posts about everything financially related.

    Call 800.777.7419 to speak with a housing counselor today.

  • How do I find out if my loan is affected by the National Mortgage Settlement?

    The Attorney General recently announced that the federal government and 49 states had reached a settlement agreement with the nation’s five largest mortgage servicers to address mortgage servicing, foreclosure, and bankruptcy abuses (the “National Mortgage Settlement”). On April 4, 2012, the United States District Court for the District of Columbia entered orders approving the settlement.  The National Mortgage Settlement is the largest consumer financial protection settlement in United States history, and settles certain state and federal investigations relating to mortgage servicing abuses, including abuses in the bankruptcy process. The settlement will provide as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal government.

    To permit borrowers to determine whether their loans are affected by this settlement, the timeline for relief, and other eligibility questions, this office and the other governmental offices involved in the settlement have posted information on several websites. Please visit one of the three approved and safe websites listed below. Also, if you have any questions, please call 888-577-2227 and ask to speak to the Housing Counselor on Call. 

    1. The United States Trustee Program’s website concerning the National Mortgage Settlement, which includes Frequently Asked Questions: http://www.justice.gov/ust/eo/public_affairs/consumer_info/nms/index.htm
    2.  The website of the Office of Mortgage Settlement Oversight at: http://www.mortgageoversight.com/
    3.  The website of the Executive Committee of the state attorneys general: http://www.nationalmortgagesettlement.com/

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    Why should I work with a foreclosure prevention specialist at LSS Financial Counseling Service?

    Mortgage delinquency is probably not something you have dealt with in the past. We have years of experience working with both lenders and borrowers. We will reduce your stress by presenting specific steps to improve your mortgage situation.
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    Can you really help me save my home?

    We will help you look at all realistic options and let you know how best to work with your lender. Our counselors have experience in helping people just like you solve their mortgage delinquency.
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    How much will this cost me?

    Housing counseling is completely free. Just as a reminder, you should NEVER pay fees upfront for so called ‘mortgage assistance’. Usually these are scams.  
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    How long will this take?

    Typically your initial conversation with a housing counselor will take about an hour. Additional housing apointments will be scheduled at a time that is convenient for you.
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    How do I get started? 

    Give us a call today at 800.777.7419.
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