Mortgage, Delinquency, Foreclosure Prevention and Mortgage Counseling
It is no secret that Michigan's economy is going through a significant change. Many homeowners who have home improvement loans with the Oakland County Community and Home Improvement Division are experiencing a reduction in work hours or even worse are losing their jobs. In addition, homeowners may have variable rate mortgages that have increasing monthly payments. The reduction in income or increasing mortgage payments may place these families at risk of losing their homes to mortgage foreclosure or tax forfeiture.
The Oakland County Community and Home Improvement Division is a U.S. Department of Housing and Urban Development (HUD) approved Housing Counseling Agency. Staff includes highly trained housing counseling professionals with significant experience that may be able to help you keep your home and address other credit or budget situations that impact your ability to pay your monthly mortgage payments or yearly taxes.
Homeowners can take immediate action to halt the transition from delinquency to default and foreclosure. Please review the self-help steps to determine the actions you can take to minimize the chance of losing your home.
Mortgage companies can offer payment plans and loan modifications. If you have an FHA mortgage, a partial claim is possible. If you are over 62 and have some equity, you may want to research and consider a reverse mortgage. If you do not take timely action, your Mortgage Company or County Treasurer may begin a legal process to remove you from your home.
In addition, many homeowners are refinancing their homes to pay credit card debt. This may not be the best approach to address personal or credit card debt. Obtaining an unfavorable mortgage loan may only add to your existing problems. It is important that you fully understand the terms of any refinancing proposal including fees, interest rates and pre-payment penalties before you sign.
Oakland County counseling services are free of charge.
We do not have a financial interest in addressing your mortgage, tax, personal and credit card problems and can provide you with unbiased recommendations. The office is located in the Oakland County Community and Home Improvement Division, 250 Elizabeth Lake Road, Suite 1900, Pontiac, MI 48341.
We can be reached by telephone at 248-858-5402. It's highly recommended that you contact our Housing Counselor as soon as possible if you are unable to pay your monthly, yearly tax payments or would like to review a prospective mortgage refinance proposal before you commit.
