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Foreclosure – Loan Modification

Unexpected troubles like a lay off, illness or death in the family can make it hard to keep up with mortgage payments, and homeowners may find themselves facing foreclosure. Sometimes, loan rates are set up to adjust to higher and higher rates, catching unsuspecting consumers off guard.

Foreclosures hurt families, communities, and our entire economy. It’s in all of our interests to help homeowners find a way out of foreclosure when possible.

We investigated the top mortgage companies and helped win a national settlement to provide relief to struggling homeowners and prohibit past foreclosure.

Learn how to avoid foreclosure relief and loan modification scams that pretend to help you, and how to get real help instead:

  • Beware of so-called foreclosure assistance or rescue companies that require payment up front before they “help” you. It’s illegal to charge an upfront fee for foreclosure assistance or loan modification services in North Carolina.
  • Steer clear of foreclosure assistance or rescue companies that want you to make your mortgage payment to them, or who tell you not to talk to your mortgage company or to an attorney.
  • Watch out for so-called real estate investors, who promise to pay off your mortgage if you sign over the deed to your property, but not the mortgage.  The investor then rents your home back to you or to a tenant but doesn’t make mortgage payments and the bank forecloses.  Remember, just signing over your deed doesn’t get you out of the responsibility for paying your mortgage.
  • Other scam tip offs: the schemer refuses to put his or her promises in writing, pressures you to sign paperwork you haven’t had a chance to read thoroughly, or offers to fill out the paperwork for you.
  • If you get behind on your mortgage payments, you should contact with your lender immediately.  Remember, most banks and mortgage lenders do not want to foreclose because they lose money on foreclosure sales.  Even if you are delinquent, many lenders will be willing to offer a temporary forbearance or a loan modification to avoid foreclosure.
  • Free help dealing with foreclosure is available from a pair of programs administered by the NC Housing Finance Agency. The Foreclosure Prevention Fund assists homeowners who lose their jobs or experience certain temporary financial hardships. The Foreclosure Prevention Project can help homeowners who are facing foreclosure for any reason. This program can connect homeowners with free housing counseling, help them work with their mortgage servicer, and provide access to legal services for homeowners with lower incomes. Both programs can be reached at (919) 877-5700.

We Can Help

To report a foreclosure scam, file a complaint online or call toll free within North Carolina at 1-877-5-NO-SCAM.