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Foreclosure Prevention and
Homeownership Preservation
Definitions
- Collections – the process of contacting the homeowner for and receiving delinquent
amounts which are owed
- Delinquency – failing to make a timely payment so that it is received on or after
the due date
- Foreclosure – legal action to force the sale of a home
- Investor – the owner of the loan
- Insurer – insures the lender/investor in case the loan becomes delinquent
- Loss Mitigation – working with the customer to find a permanent solution to resolve
the delinquency
- Mortgage Servicer – responsible for customer service, processing payments, and working
with delinquent customers
Homeowner Responsibilites
- Make mortgage payments your first priority
- Manage budgets to avoid overspending
- Build savings accounts for financial crises
- Call your lender as soon as you know you can’t make your next mortgage payment
- Call 1-888-995-HOPE for free housing counseling
- Don’t make payments to anyone other than your lender or the foreclosure attorney
Resources
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MSU is an affirmative-action,
equal-opportunity employer. Michigan State University Extension programs and materials are open to all without regard to race, color,
national origin, gender, gender identity,
religion, age, height, weight, disability, political beliefs, sexual orientation,
marital status, family status or veteran status. Issued in furtherance of MSU Extension
work, acts of May 8 and June 30, 1914, in cooperation with the U.S. Department of
Agriculture. Thomas G. Coon, Director, MSU Extension, East Lansing, MI 48824. This
information is for educational purposes only. Reference to commercial products or
trade names does not imply endorsement by MSU Extension or bias against those not
mentioned.
Accommodations for persons with disabilities may be requested three days before
the event by calling to make the arrangements,
requests received after three days will be met when possible.
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