Wednesday, December 15, 2010
Free, personalized help available for Iowans fearing foreclosure
Iowa Attorney General Tom Miller is leading the charge of the 50 states' attorneys general who are combining their efforts to better protect homeowners struggling with loan payments. Their work is aimed towards getting large mortgage servicing companies to put more resources into helping struggling homeowners modify their existing loans, possibly helping them avoid foreclosure. (Iowa Public Radio Dec. 2010)
Iowa Mortgage Help (IMH), a state-sponsored resource for homeowners facing financial difficulties with their mortgage payments, reports logging hundreds of complaints against mortgage service companies. Included in the complaint list is the mishandling of documents, homeowners not receiving consistent information, and delayed response times from servicing companies which can result in a pileup of late fees. In some cases, these factors contributed to foreclosure earlier than what may have been necessary.
In an interview with Iowa Public Radio's Joyce Russell, IMH's Julie Muckler said that since Miller's investigation has begun, the large mortgage servicers have been more cooperative and responsive.
Where to turn?
Iowans who are facing mortgage payment difficulties can call the Iowa Mortgage Helpline at 877-622-4866, or complete an assistance form online at iowamortgagehelp.com to initiate help. When reaching out for assistance whether via phone or web, IMH reminds people of the importance of being honest about their situation, as the goal of the process is to find solutions, not lay blame.