One of the leading government agencies that provide assistance to homeowners is the Delaware Mortgage Fraud Task. They work with and help coordinate services across the state and ensure that families are treated fairly and their legal rights are ensured. Several different programs are offered, as noted below. Many are offered in partnership with other organizations. The Task Force also works with agencies such as the Office of the State Bank Commissioner as well as the Delaware State Housing Authority. The goal is to help reduce the number of foreclosures.
The task force is involved in many projects. One of them is the Making Home Affordable modification and refinance program. This can help reduce the amount of the borrowers home loan payment by modifying their loan and in effect making the monthly payment more affordable.
The Rural Development Home Loans may offer payment subsidies, arrangements to pay the amount past due over a period of time, and a moratorium as well, which is a type payment deferment.
The task force is involved in addressing and preventing Foreclosure Scams as well. This is always a focus. While the specifics and nature of each scam will vary, in general the scams involved thieves or predatory lenders that are trying to take advantage of homeowners facing foreclosure. Many will even target seniors or those homeowners that are desperate. Legal aid and other support may be offered to residents in these cases.
As noted, scams can come in different forms. In some cases, an individual may be posing as a so called foreclosure “rescuer” or mortgage “consultant”. They may promise they can save your home or stop the foreclosure from occurring. They usually ask for fees or upfront payments. What usually happens is that the scam artist gets the Delaware homeowner's money, but fails to help them in any way at all.
The Task Force is also involved with the Delaware Mortgage Loan Modification Services Act. In Delaware, the state’s Attorney General is responsible for examining mortgage loan modification providers, issuing licenses and enforcing other provisions. So the state is heavily involved in regulating this practice, and this is also done in an effort to ensure that consumers are treated fairly and honestly.
In Delaware, the foreclosure process is not instantaneous and it takes time. Laws, rules, and the court process provide homeowners up to 9 months to act after they failed to make a mortgage payment. So they have that window of time to take corrective action to avoid losing their home to a foreclosure filing. The Delaware Mortgage Fraud Task is there, along with other agencies, to ensure that all of your rights are enforced.
People should act sooner rather than later though. The longer they wait the less likely they will be able to get assistance with their issue. The State of Delaware has committed a number of resources to help residents through the process.
The Homeowners Relief Act and Task Force provides for Housing Counseling Services. The state has information on non-profit housing counselors who can advice and assist homeowners who have falling behind on their mortgage. They can, along with the task force, educate homeowners and provide counseling.
Another option is the Foreclosure Mediation Program. The state created this in an effort to connect homeowners housing counseling and ensure they are treated fairly. Residents will be guaranteed an opportunity to participate in a free mediation session prior to the local or state Court entering a judgment of foreclosure. The task force program gives homeowners the ability to work with their bank, counselors, and lenders.
For more information on the task force, the state’s foreclosure prevention hotline, and other assistance dial 1-800-220-5424.
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