The Obama administration’s efforts to crack down on mortgage companies is just one part of the process to provide help to both homeowners and mortgage lenders (servicers)

In recent days the Obama administration has announced that it will begin a concerted effort to crack down on mortgage companies and mortgage loan servicers who are not doing enough to help homeowners at risk of foreclosure.  AboutYourMortgage.com supports the administration’s goal of keeping people in their homes.

There are mortgage loan servicers who need to be doing more to help homeowners, however at the same time, especially with the companies who are preferred servicers with our company, many are trying their best to find solutions in the face of unprecedented challenges. These challenges are further complicated by the fact that large percentages of eligible homeowners submit inadequate paperwork or worse yet, for both the homeowner and the servicer they do not submit any paperwork.

“Faced with sluggish progress in its foreclosure-prevention effort, the Obama administration will spend the coming weeks cracking down on mortgage companies that aren’t doing enough to help borrowers at risk of losing their homes. The mortgage companies, also known as loan servicers, have had a hard time getting borrowers to complete the needed paperwork for the administration’s loan modification program. Nearly 60 percent of the 375,000 borrowers who qualify to have their loan modifications completed by year-end have either submitted incomplete paperwork or none at all.”  Zibel, Alan. “More pressure on loan servicers.” Associated Press 01 December 2009

A large part of the mortgage company’s problem is simply that the demand to assist delinquent mortgage customers presently exceeds their capacity. According to an MBA press release dated 11/19/09 the combined percentage of loans in foreclosure at least one payment past due was 14.41% on a non-seasonally adjusted basis.  This percentage is the highest ever recorded in an MBA delinquency survey.

It is also important to understand that mortgage companies, also known as loan servicers, have a vested interest in quickly resolving delinquent mortgages. The mortgage servicer is often obligated to continue advancing payments to the investor even if the borrower does not pay. These advances will not be recoverable until resolution of the loan, putting some mortgage companies in a cash flow squeeze. The initial contact and boarding of homeowner information by the servicer is extremely critical and time consuming.

The reality to both the homeowner and the loan servicer is that each bears some responsibility in the success or failure of this process. The homeowner must do their part by not just walking away from the problem, but actively seek help and follow through with completing their paperwork.  The servicer must find a way to successfully expedite the paperwork process for the homeowner.  Neither task can be completed quickly or without frustration.

AboutYourMortgage.com’s Privacy Policy

AboutYourMortgage.com LLC, hereinafter referred to as “AboutYourMortgage” or “AYM” values your trust and we are committed to protecting your privacy and handle all collected information about you with care. We are dedicated to using technology that gives you the most powerful and safe online experience. This Statement of Privacy applies to the AboutYourMortgage Web site and governs data collection and usage. By using our Site you are consenting to our processing of your information as set forth in this Privacy Policy now and as amended by us. “Processing” means using cookies on a computer or using or touching information in any way, including, but not limited to, collecting, storing, deleting, using, combining and disclosing information, all of which activities will take place in the United States. If you reside outside the U.S. your personally identifiable information will be transferred to the U.S., and processed and stored there under U.S. privacy standards. By visiting our Site and providing information to us, you consent to such transfer to, and processing in, the U.S.

We limit access to Customer Information to those employees who need to know that information in order to provide services to you or to maintain or upgrade those products or services.

This privacy policy only applies to www.aboutyourmortgage.com. This policy does not apply to the practices of companies that AboutYourMortgage.com does not own or control, or to people that AboutYourMortgage.com does not employ or manage.

Collection and Use of your Personal Information

In order to use this Web site, we request certain personally identifiable information from you on the information form.  In filling out the information form you are required to give contact information such as name, address, phone number, and email address. We use this information to contact you about the services on our site in which you have expressed interest. You may also provide us with your Mortgage loan number and the mortgage company to whom your checks are payable to if you wish to do so.  We will then share this information with the mortgage company that your account was deferred from.

 AboutYourMortgage.com LLC is the sole owner of the information collected on www.aboutyourmortgage.com.

AboutYourMortgage does not sell, rent or share its customer lists to third parties other than as described within this privacy statement.

AboutYourMortgage collects and uses your personal information to operate the AboutYourMortgage Web Site and deliver the services you have requested. For each visitor to the AboutYourMortgage Web Site our servers automatically collect visitors aggregate information. This information may also include: your browser type, domain names, access times and referring Web Site addresses. AboutYourMortgage also collects anonymous demographic information, which is not unique to you, such as your ZIP code. We use your IP address to help diagnose problems with our server, and to administer our Web Site. Your IP address is not linked to personally identifiable information but is used to gather broad demographic information. This information helps us tailor and improve your experience on the AboutYourMortgage Web Site.

In addition, we may use your name and email address to send you promotional emails or newsletters, and provide you with information about, our products and services, including but not limited to our Service as defined in our Terms of Service. In addition, we engage certain trusted third parties to perform functions and provide services to us, including, without limitation, hosting and maintenance, customer relationship, database storage and management, hosting our blog, and direct marketing campaigns. We will share your name and email address with these third parties, but only to the extent necessary to perform these functions and provide such services, and only pursuant to binding contractual obligations requiring such third parties to maintain the privacy and security of your data.

Updating or Correcting Personally Identifiable Information

 If your personally identifiable information changes, or if you no longer desire our service, you may correct or update it by emailing our Customer Support at cs.erevisions@aboutyourmortgage.com or by contacting us by postal mail at the contact information listed below. 

AboutYourMortgage.com
Customer Service Department
ATTN: Customer Information
200 2nd Avenue South #312
St. Petersburg, FL 33701

 E-mail Notices

AboutYourMortgage sends a variety of e-mails to users who submit information though our conduit. These e-mails include but are not limited to confirmations that your information has been received by the intended recipient, follow-up email to ensure timeliness of communications. These e-mails are a necessary feature for AboutYourMortgage. If you do not want to receive such e-mail notices, please do not submit information through our conduit.
 
We provide you the opportunity to ‘opt-out’ of having your personally identifiable information used for certain purposes, when we ask for this information.  For example, if you purchase a product/service but do not wish to receive any additional marketing material from us, please follow the unsubscribe instructions provided within these email communications.

If you no longer wish to receive our newsletter and promotional communications, you may opt-out of receiving them by following the instructions included in each newsletter.

 Compliance with Laws and Law Enforcement

AboutYourMortgage cooperates with government and law enforcement officials or private parties to enforce and comply with the law. AboutYourMortgage will disclose your personal information, without notice, only if required to do so by law or in the good faith belief that such action is necessary to: (a) comply with valid legal requirements, such as a law, regulation, search warrant, subpoena or court order; (b) protect and defend the rights or property of AboutYourMortgage; and, or (c) when AboutYourMortgage has reason to believe that disclosing this information is necessary to identify, contact or bring legal action against someone who, intentionally or unintentionally, may be causing injury or harm to users or other persons or violating the Terms of Service of this site.

Legally Required Disclosures

We will make any legally-required disclosures of any breach of the security, confidentiality, or integrity of your unencrypted electronically stored personal data to you via email or conspicuous posting on this Site in the most expedient time possible and without unreasonable delay, consistent with (a) the legitimate needs of law enforcement or (b) any measures necessary to determine the scope of the breach and restore the reasonable integrity of the data system.

Submission of Information

AboutYourMortgage sometimes uses third party databases or sources to verify information you have submitted on our Web Site. We do our best to make sure our information is up-to-date. However there may be times when this information is incorrect or out of date and your submitted information is received by an incorrect end recipient. AboutYourMortgage requires all end recipients to adhere to a strict confidentiality agreement regarding information submitted to them. If such a situation arises all confidential information will be handled accordingly and resubmitted to the correct recipient. In these cases AboutYourMortgage will be held harmless as stated in our Terms of Service policy.

Use of Cookies

The AboutYourMortgage Web Site uses “cookies” to help you personalize your online experience. A cookie is a small text file which is placed on your hard drive by a Web page server. Cookies cannot be used to run programs or deliver viruses to your computer. Cookies are uniquely assigned to you, and can only be read by a web server in the domain that issued the cookie to you. We do not use cookies to collect personally identifiable information.

AboutYourMortgage may use both persistent and session cookies to help us better understand how you interact with our Site and Service. A cookie can also be used to monitor aggregate use and web traffic generated by our users.

One of the primary purposes we use cookies is to provide a convenience feature which saves you time. The purpose of the cookie is to tell the Web server that you have returned to a specific page.  Session cookies enable certain features of the Site and our service and are deleted from your computer when you disconnect from or leave the Site. A persistent cookie remains after you close your browser and may be used again by your browser on subsequent visits to AboutYourMortgage. Persistent cookies can be removed by following your web browser help file directions.

You have the ability to accept or decline cookies. Most Web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. You can instruct your browser, by editing its options, to stop accepting cookies or to prompt you before accepting a cookie from websites you visit. If you choose to decline cookies, it is possible that you may not be able to fully experience the interactive features of AboutYourMortgage services or Web Sites you visit. We do not link the information we store in cookies to any personally identifiable information you submit while on our site.

Third Party Cookies

The use of cookies by third parties is not covered by our privacy statement.  We do not have access or control over these cookies.  These third parties may use session ID cookies to make it easier for you to navigate our site or to track usage trends on our behalf.

Security of your Personal Information

AboutYourMortgage secures your personal information from unauthorized access, use or disclosure. We employ administrative, physical and electronic measures designed to protect your information from unauthorized access. When your personal information is transmitted through our conduit, it is protected through the use of encryption, such as the Secure Socket Layer (SSL) protocol. When you send your Mortgage Loan#, who your mortgage check is payable to, and the Name of the financial institution where you have your primary checking account to AboutYourMortgage, it is transmitted using Secure Sockets Layer (SSL) technology. SSL encrypts it, making the information unreadable by anyone except AboutYourMortgage. A lock or key icon will be visible on your internet browser. SSL does not allow anyone to intercept and read your personal information; only AboutYourMortgage can decode the encryption.

Your role in protecting your privacy

If you share a computer terminal with others, you may want to consider establishing an anonymous e-mail account. In this way, e-mails that you receive from AboutYourMortgage will be seen only by you. If you access AboutYourMortgage through an e-mail account maintained by your employer, please note that it is possible that your employer may monitor your e-mail communications.

Links to Other Websites

AboutYourMortgage contains links to other websites. The fact that we link to a website is not an endorsement, authorization or representation of our affiliation with that third party. We encourage you to read the privacy policies or statements of the any other websites you visit. AboutYourMortgage does not exercise control over third party websites. These other websites can place their own cookies or other files on your computer, collect data or solicit personally identifiable information from you. Other sites follow different rules regarding the use or disclosure of the personally identifiable information you submit to them.

AboutYourMortgage Blog

If you use a bulletin board, blog, or chat room on this Web site, you should be aware that any personally identifiable information you submit there can be read, collected, or used by other users of these forums, and could be used to send you unsolicited messages.  We are not responsible for the personally identifiable information you choose to submit in these forums.

Email-A-Friend

If you choose to use our referral service to email a friend about our site, AddThis will ask you for your friend’s name and email address.  AddThis will automatically send your friend a one-time email inviting him or her to visit our site.  AboutYourMortgage does not store this information.

You may also use the AddThis widget to invite your friends to visit our site, you will be directed to those third party sites and asked to login to your account, all of the information collected within the AddThis widget is governed by their privacy policy.

Children/direct notice to parents

AboutYourMortgage does not knowingly collect any personal information from individuals under 13 years of age.

Changes to this Statement

If we decide to change our privacy policy, we will post those changes to this privacy statement, the home page, and other places we deem appropriate so that you are aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. 

We reserve the right to modify this privacy statement at any time, so please review it frequently.  If we make material changes to this policy, we will notify you here, by email, or by means of a notice on our home page.

Contact Information

AboutYourMortgage welcomes your comments regarding this Statement of Privacy. If you believe that AboutYourMortgage has not adhered to this Statement, please contact AboutYourMortgage at privacyterms@AboutYourMortgage.com or use the contact information below:

AboutYourMortgage.com LLC
5129 Castello Drive, Suite #1
Naples, FL  34103

We will use commercially reasonable efforts to promptly determine and remedy the problem.

By using this site, you signify your acceptance of the terms of AboutYourMortgage’s Privacy Policy. If you do not agree to the terms of this Privacy Policy, please do not use the AboutYourMortgage site and exit the site immediately. Your continued use of the www.aboutyourmortgage.com Site following the posting of changes to these terms will mean that you accept those changes.

AboutYourMortgage.com is a Licensee of the TRUSTe Privacy Program

AboutYourMortgage.com is a licensee of the TRUSTe Privacy Program.  TRUSTe is an independent, non-profit organization whose mission is to build user’s trust and confidence in the Internet by promoting the use of fair information practices.  This privacy statement covers the Web site www.aboutyourmortgage.com.  Because this Web site wants to demonstrate its commitment to your privacy, it has agreed to disclose its information practices and have its privacy practices reviewed for compliance by TRUSTe.

If you have questions or concerns regarding this statement, you should first contact

AboutYourMortgage.com
Ed Wollman, General Counsel
5129 Castello Drive, Suite #1
Naples, FL  34103

If you do not receive acknowledgement of your inquiry or your inquiry has not been satisfactorily addressed, you should contact TRUSTe at http://watchdog.truste.com/pvr.php?page=complaint&url= TRUSTe will then serve as a liaison with us to resolve your concerns.

Before posting to our blog please read our Privacy Policy/Terms of Service

Post your questions or comments for us and we will do our best to point you in the right direction.  However, of course before you do, you need to read our terms of service and privacy policy:

http://www.aboutyourmortgage.com/privacypolicy.asp
http://www.aboutyourmortgage.com/terms_of_services.asp

You also need to know that we are not counselors or financial advisors so what we say is only advice. Of course we always recommend you check with your legal or financial people (as our people like us to say) before making any final decisions. If you want to find further information our glossary – http://www.aboutyourmortgage.com/glossary.asp   or our FAQ  http://www.aboutyourmortgage.com/FAQ.asp pages are good places to start.

Mortgage Insurance Industry Executive Wade Hamby Joins AboutYourMortgage dot com

http://www.eworldwire.com/pressreleases/211222

Taking AYM at the Mortgage Morass

For Immediate Release
ST. PETERSBURG, Fla./EWORLDWIRE/Sep. 17, 2009 — In 2008, Wade Hamby entered the perfect storm and came out with the perfect solution at AboutYourMortgage.com (AYM) (‘http://www.aboutyourmortgage.com’). As vice president and division manager of Triad Guaranty Insurance Corporation, a publicly traded mortgage insurance firm, Hamby saw first-hand the rapid growth of Florida’s housing market, and he was at a focal point of the U.S. housing market when it collapsed.
Hamby’s company ceased writing new business and his job disappeared, but his commitment to helping his clients was still intact. He encouraged many of them, like millions of other Americans facing a temporary setback, to try to renegotiate their mortgages. The challenge was the sheer volume of calls that millions making to their mortgage companies to seek relief. Combined with a lack of consumer understanding on options, the undertaking was overwhelming on both sides of the equation.
The frustration sparked inspiration which translated into a consumer-focused Web site to provide education and much needed communication between mortgage servicers and their clients, AboutYourMortgage.com. AboutYourMortage.com provides consumers free priority access to mortgage loan servicers participating in its Preferred Servicer Program.
AboutYourMortgage.com is the brain-child of Chairman of the Board Tim D. Allen, a Certified Mortgage Banker, who saw the need for a more transparent environment back in 2000. With more than two decades of mortgage industry experience, Allen saw an ominous trend but responded with a simple solution: developing a conduit to bridge mortgage servicers, homeowners and the many ways they can access their mortgage companies. To help his concept achieve reality in the marketplace, Allen reached out to fellow Floridian and colleague Wade Hamby to become president and CEO of AboutYourMortgage.com.
Hamby brings more than 25 years of senior level sales and marketing experience in the mortgage banking industry to AboutYourMortgage.com. He is a former officer and member of the Board of Governors of the Mortgage Bankers Association of Florida, winning its prestigious President’s Award and is a charter member of the Eastern Secondary Market Conference Committee. Hamby will leverage his mortgage banking expertise and his experience as a mortgage consumer to build a solid organization.
“The mortgage business model, as we know it, is broken from both sides through no fault of either side. For the housing industry to regain its strength and contribute to a healthier economy we’ve got to, in essence, perform a ‘triage’ on the mortgage industry’s portfolios. We’ve got to accommodate the borrower who is able to pay, the borrower who is willing to pay but is currently financially challenged, and help as best we can the borrower who is willing to pay but might not be able to pay, even in the long term,” notes Hamby. “AboutYourMortgage.com was created to bridge the communications gap, aligning the needs of the homebuyer with the needs of the mortgage company. As the industry recovers, AboutYourMortgage.com will be an education and communication resource for both consumers and mortgage industry professionals.”
AboutYourMortgage.com LLC (AYM) is a U.S. based corporation with a U.S. Patent Pending Customer Retention Process. AYM provides homeowners free and direct priority access to Mortgage Loan Servicers who participate in its Preferred Servicers Program. For more information, visit AboutYourMortgage.com (‘http://www.AboutYourMortgage.com’).
For more information, contact Michelle Cartier by e-mail at mcartier@aboutyourmortgage.com or call 727-231-4495.

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CONTACT:
Michelle Cartier
AboutYourMortgage.com
PHONE. 727-231-4495
EMAIL: mcartier@aboutyourmortgage.com

http://www.aboutyourmortgage.com

SOURCE: AboutYourMortgage.com LLC

AboutYourMortgage.com Launched by Mortgage Professionals – Helps Consumers Renegotiate, Refinance, Reduce Red Tape

AboutYourMortgage.com is a consumer-focused and user-friendly website which opens up the communications between homeowners and their mortgage servicers creating a better information flow leading to better decisions – on both sides.                

URL: http://www.AboutYourMortgage.com

 

We don’t know what we don’t know!”  That’s the feeling many homeowners have who are trying to negotiate a mortgage while caught in the midst of the current mortgage meltdown.  Not knowing who they should be calling and what questions they should be asking.  Not understanding the options brought about by decisions made using too optimistic forecasts, too little education and now, too many financial setbacks.  

 

On the other hand, there are those fortunate enough to weather this economic storm and want to take advantage of lower mortgage rates and housing prices, both not seen in generations, but don’t want to get caught off guard by tighter restrictions or credit questions.  Solutions to both issues were recently launched, literally, at the new web portal AboutYourMortgage.com. 

 

AboutYourMortgage.com is a consumer-focused and user-friendly website which opens up the communications between homeowners and their mortgage servicers creating a better information flow leading to better decisions – on both sides. AboutYourMortgage.com is free to consumers who want to renegotiate their mortgage, refinance their existing mortgage or seek a mortgage as a first time homeowner; all who want quick, understandable solutions while saving time and money cutting through the red tape. 

 

Experienced Mortgage Professionals At The Helm

AboutYourMortgage.com is the brain-child of Tim Allen, a Certified Mortgage Banker who saw the need for a more transparent environment back in 2000.  With more than two decades of mortgage industry experience, Allen saw an ominous trend but responded with a simple solution.  Notes Allen, “as more and more sophisticated mortgage products became available in the past decade, the need to bring consumers and mortgage servicers together directly grew exponentially. Fast forward to 2009 where we, like many hard-working, honest Americans got caught in the mortgage vortex: losing our jobs and encountering financial setbacks through no fault of our own.  Several of our team members spent countless hours renegotiating their own mortgages.   We saw firsthand the rapid growth of the housing market and as Florida residents and now we are on the front lines in the collapse of the housing market with neighbors losing their homes and seeing communities abandoned by developers.  We’ve created a better way out of this mortgage mess and that way is AboutYourMortgage.com.”

 

Helping to lead the executive team, AboutYourMortgage.com Board Chair Tim Allen has named Wade Hamby as President and CEO. Hamby is a seasoned executive with more than 25 years of senior level sales and marketing experience in the mortgage industry.     

 

AboutYourMortgage.com LLC (AYM) is a U.S. based corporation with a U.S. Patent Pending Customer Retention Process. AYM provides homeowners free and direct priority access to Mortgage Loan Servicers who participate in its Preferred Servicers Program. For more information, please visit the company’s web site at http://www.AboutYourMortgage.com

By ignoring prudent underwriting guidelines we created mortgage monsters.

Mary Shelley, the creator of the prototypical monster, Frankenstein wrote: “No one consciously chooses evil because it is evil; he only mistakes it for the happiness that he seeks.” The mortgage industry did get out of control sometime in 2003 and in the heat of competition we ignored prudent underwriting guidelines. We turned specialty “niche products” into “mortgage monsters”, and some of our “mortgage monsters” grew and got out of our control. An example of our “mortgage monsters” were “Stated Income and Stated Asset”, “No Income and No Asset” and the “Option ARM” that permitted payments that were less than the interest owed each month and resulted negative amortization and mortgage balances increasing. Let’s not forget the loans that offered introductorily affordable payments for a short time only to adjust to unaffordable payments after the introductorily period. These “niche products” were created for good purposes but as home prices continued to skyrocket, we broadened the target audience, increased the loan to values lowered credit score requirements and so our “niche products” became monsters.  

Not every loan originator participated in creating this monster. Many of us would say “I never had any part in it”. I never falsified a loan application. Nevertheless I did take applications promoting that: “I have a no-ratio loan program just like my competition and it’s a great loan!” You bet it was a great loan and I believed this then but I do not believe it was a great loan now. There are borrowers who I worked with that are losing their homes because they cannot afford the payments. Today I believe I may have been too interested in being competitive and not interested enough in making sure that borrowers understood exactly what they were getting themselves into.

Mary Shelley’s Frankenstein monster came to life when it was hit by lightning. What was the lightning for that brought the mortgage industry’s monsters to life? The answer is, home values started to decline, borrowers could no longer sell the homes for a profit and they could not afford to make the mortgage payments.

As the 2007/2008 president for the Mortgage Bankers Association of Florida, I met with the credit counselors for “Hope Now” in Orlando; I also met with the ACORN counselors in Tallahassee (our state capital) as a member of “Florida’s Governor’s Hope Task Force”. I listened to borrowers and many of the problems that have resulted in Floridians losing their homes were our out of control monsters.

Did we create these “mortgage monsters” because the money was pouring in, with mortgage backed securities, securitized debt obligations and the like; it wasn’t our money we were lending so we are off the hook, right? Wrong. Our excuse was that there are buyers for the loans so they must be good loans, right? What were we thinking? I do not believe the mortgage industry intentionally created “mortgage monsters” but we created them just the same. I believe Mary Shelley was correct: “No one consciously chooses evil because it is evil; he only mistakes it for the happiness that he seeks.” In mass hysteria lenders, homeowners and investors believed that home prices could go up forever? What were we thinking? Whatever we were thinking, we were wrong.

Today; many in our industry are stepping up to our responsibilities, we are picking up after others and ourselves and making things right. The government has provided billions of dollars and programs to assist homeowners allowing mortgage servicers to refinance or modify mortgages to make them affordable for homeowners. Servicers are finding creative solutions to keep homeowners in their home and where they can’t are often accepting short sales and deeds in lieu of foreclosure.

Everyone in the mortgage industry has the ability to ensure that what happened in our recent past never happens again. Today, we are returning to the formulas that worked: The gimmicks are gone, loan products & guidelines are more restrictive than they were in recent years. Loan professionals today are embracing FHA & VA loan programs and relearning skills like “self employed borrower analysis” with the results that borrowers are today actually in mortgages they can afford.

The mortgage industry was off track in the past several years but today we are correcting our errors. Home prices are the most affordable they have been in years. The speculators are gone, families who were once priced out of the market are beginning to rush in, and people are buying first and second homes again. The mortgage industry is again “making the dream of home ownership a reality.” We need to always remember that homeowners living in homes they can afford, without gimmicks, is the foundation for sustained homeownership and a sound mortgage industry.

Tim Allen, CMB
Chairman at AboutYourMortgage.com LLC

Not talking to your mortgage servicer will only make matters worse.

From: Tim Allen, CMB

Chairman AboutYourMortgage.com

If you are having trouble making your mortgage payments not talking to your mortgage servicer will only make matters worse.

There is a lot of misinformation out there regarding foreclosure, I have been in the mortgage industry for over 20 years and am really alarmed with the advice many of my past customers have received by “mortgage modification experts” who have no real experience in this arena.

Here is some good information regarding avoiding foreclosure that is not being distributed well enough. Help is available but it is important that you act as soon as possible. If you are having trouble making your mortgage payments not talking to your mortgage servicer will only make matters worse, you can take action to help avoid losing your home to foreclosure. Here are important steps that you should take now:

Contact your mortgage servicer right away to talk about your situation. If you are behind on your payments, speak with your mortgage servicer. You can find the contact information on your monthly mortgage statement or coupon book. It is important to act quickly because if you fall further behind in your payments, there are fewer options to avoid foreclosure. The purpose of AboutYourMortgage.com is to provide individual consumers a free and beneficial conduit to the correct individuals at their mortgage servicer who can best assist the consumer’s specific needs.  

Understand your options…Your mortgage servicer can help you understand the options available to you. Options may include:

Modification—In some cases, mortgage loan terms can be changed on a temporary or permanent basis to make the payment more affordable.

Sale of Home – Sell your home for the amount that will pay off the loan.

Repayment Plan—If you have missed some monthly payments, you may be able to catch up by creating a schedule for repaying the past-due amount.     

Pre-foreclosure or Short-Sale—If you cannot sell your home for the amount that will pay off the loan, talk to your mortgage company about a pre-foreclosure sale. Depending on your situation, the mortgage company may be willing to accept a payoff amount less than you owe.

Deed-in-Lieu—If you cannot sell your home in a reasonable period of time, your mortgage company may be willing to accept a deed where you voluntarily transfer the property to the mortgage company.

Foreclosure - A legal procedure in which a mortgaged property is sold.

Many of options will damage your credit rating and your ability to borrow money or buy a home in the future. When the options above don’t work or you know you can no longer make your monthly payment, you may need to sell your home.

You have more options if you act quickly. The purpose of AboutYourMortgage.com is to provide individual consumers a free and beneficial conduit to the correct individuals at their mortgage servicer who can best assist the consumer’s specific needs.  

When is the best time to ask for help? If you need it, now is the time to ask for help!