Avoiding Foreclosure

The U.S. Treasury has issued the following press release regarding relief for responsible homeowners.  With detailed program requirements, servicers can now begin `Making Home Affordable' loan modifications.  Click here to read the press release in its entirety.

Don't ignore the problem.  The situation can often be fixed if you act quickly.  There are many options for foreclosure prevention.

• Get housing counseling.  This should be your first step
  • These agencies will work with you for no cost:
    • MSHDA-HUD Foreclosure Counseling Agencies 
    • HUD Approved Housing Counseling Agencies
    • MSHDA Hotline - 866-946-7432
    • HUD Hotline - 800-569-4287
    • Oakland County - 248-452-9200
    • Lighthouse - 248-920-6060
    • FHA - 800-CALL-FHA
    • Veterans - 800-729-5722
    • United Way - 211
    • http://www.michigan.gov/mshda
    • www.FHA.gov
    • www.HUD.gov/offices/hsg/sfh/hcc/hcs.cfm
    • www.HoldOnToYourHome.org
  • Call the bank or mortgage company's loss mitigation department.
    • Don't talk to the collections department.
    • Be insistent.
    • Explain your situation.
    • Stay in your home.  You may not qualify for assistance if you leave.
  • SEMCOG offers ideas and suggestions for local government leaders.
• Don't fall for foreclosure recovery scams.
  • Don't pay a fee for services you can get free (counselors listed above).
  • Don't sign your deed over to anyone.  you my still be responsible for the loan!
  • Don't sign a document appointing someone to represent you.
  • Don't make a quick decision under pressure.
  • Don't sign papers with blank spaces.
  • Don't fall for "We're the only ones who can help you".

You will lose your home and your credit rating if you do nothing.

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The City of Ferndale, Michigan
300 East Nine Mile Road
Ferndale, Michigan  48220
(248) 546-2525
City Hall Hours:
Monday - Thursday 8:00am - 5:30pm
Closed Fridays