Shopping For Your Home Loan: Hud'S Settlement Cost Booklet - U.s. Department Of Housing And Urban Development (Hud) Page 31
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48required to use a company that was affiliated with your real estate agent, builder,
or loan originator, if your loan servicer fails to timely pay your taxes and insurance
premiums; or if your loan servicer does not respond to a QWR about the servicing
of your loan, you may wish to file a complaint with HUD’s Office of RESPA. You
should describe what you believe to be a violation and identify each violator by
name, address and phone number. You should also include your own contact
information for any follow-up questions. You can find out how to file a complaint at
the RESPA website or by contacting the RESPA Office. The address is located in the
Appendix.
Avoiding Foreclosure
Once you move into your new home, you will want to make sure that you do
nothing that could threaten you with the loss of your home. Make all payments on
time. If you are having a dispute with the servicer, do not stop making your full
payment each month. Consider carefully before putting another mortgage or lien on
your home.
If you do not make your monthly mortgage payments, you will be in default on
your loan. Foreclosure is a legal process in which a mortgaged property is sold to pay
off the defaulted loan. If you find yourself facing foreclosure, there are steps that you
should take. Contact your lender and be prepared to provide financial information.
There may be a workout plan available to help you keep your home. There are also
HUD-approved housing counseling agencies that are available to provide you
information on and assistance in avoiding foreclosure.
HUD’s web site provides
homeowners this information as well as other guidance in its “Guide to Avoiding
Foreclosure” which can be found at http://www.hud.gov/foreclosure/.
Beware of scams! Watch out for equity skimming when a buyer offers to repay
the mortgage or sell the property if you sign over the deed and move out. Be aware
that there are phony counseling agencies that charge you a fee for the same services
you can usually receive at no charge. Be sure to use only HUD-approved counseling
agencies. Most importantly, NEVER sign anything that you have not read or do not
understand.
X. Home Equity and Refinances
Home Equity Loan/Line of Credit
As you make payments on your mortgage loan or make improvements to your
property, or if property values in your neighborhood increase, the equity in your home
may increase. Home equity is the difference between your home’s fair market value
and the outstanding balances of all the loans and other liens on your property.
If you have equity in your property, you may be able to use it as collateral for a
home equity loan or a home equity line of credit, often called a HELOC.
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