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 HomeBorrower Contact & Options to Avoid Foreclosure     December 9, 2018  
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Borrower Contact & Options to Avoid Foreclosure

Programs that may be available to qualified borrowers with lenders' approval.

Options that may be available to borrowers who are unable to afford their mortgage payments and who wish to avoid foreclosure, and instructions on how to explore those options:

At this point, if your loan has not matured, you may bring your loan current if you have the ability to do so.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. To get the HUD pamphlet on foreclosure avoidance click: How to Avoid Foreclosure. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

You may find other alternatives on the HUD website including articles on "Tips for Avoiding Foreclosure" by going to the following web site at http://www.hud.gov/foreclosure/.

Refinance : Depending on your financial situation, you may be able to refinance your loan with your lender or with another lender. At this time, there is no guaranty that you will qualify for a refinance, so you should consider all of your options even if you decide to try to refinance.

Pre-foreclosure sale of property :If you cannot refinance your property, you may be able to sell it before it is foreclosed. However, time is important so you may want to investigate this option and other options right away.

Depending on your financial situation, and subject to the lender's policies and agreement, you may be able to arrange for the following in order to avoid or delay the foreclosure of your property:

.  A forbearance agreement or workout agreement where the lender and the borrower agree, in writing, that the lender will defer foreclosing so long as the borrower does certain things including, but not limited to, making agreed upon post-default payments;
.  A loan modification - where the lender and borrower agree, in writing, to modify the terms of your loan; 

  1. FCI Lender Services is not associated with the government.
  2. Even if you propose an offer, your lender may not agree to change your loan.
  3. You may accept or reject any offer of mortgage modification from your lender.  If you reject the offer, you do not have to pay an additional fee.

.  If you have not been able to sell your property and have no lien junior to your lender's deed of trust, your lender may accept a deed-in-lieu of foreclosure in satisfaction of the amount of your loan.
.  Where the current fair market value of your property is less than the amount you owe on your loan, the lender may agree to a short sale allowing your property to be sold for less than the amount of the loan balance.

The borrowers should collect and be prepared to present financial documents to the beneficiary or authorized agent (FCI) when discussing options for avoiding foreclosure.  Suggested Documents may include, but are not limited to, the following:

.  Hardship Letter – Explain your hardship situation and explain your resolution to bring your
account current.
.  Tax Returns – Last two (2) filed tax returns with all schedules.
.  Paystubs – Last two (2) months (Dated within the last 30-60 days).
.  Alternate Income – Unemployment, Social Security, Disability, Death Benefits,
Pension or Public Assistance Last two (2) months (Dated within the last 30-60 days).
.   Optional Income – Spousal and Child Support Payments (If requesting income to be included to
qualify), Last two (2) months (Dated within the last 30-60 days).
.   Bank Statements – Complete with all pages, the last two (2) months (Statement must identify daily
.  Monthly Household Expenses – Review, complete and return the attached expense worksheet for
further review.
.  Property Liens – Proof/Status of any other liens on the property
.   Property Taxes and Insurance (If Applicable)
1) Declaration Page – Must indicate current status.
2) Copy of current Payment Plan in place.


Note: If borrower is represented by an Agent or Representative, then borrower needs to provide an Agent Authorization Form. 

Toll free telephone number to FCI Lender Services for borrowers who wish to discuss options for avoiding foreclosure with their mortgagee, beneficiary, or authorized agent (FCI) is 1-800-931-2424. Fax: 714-282-5775.  Business hours are 8 a.m. to 5 p.m. PST, Monday through Friday.


Please be advised that FCI is attempting to collect a debt and any information obtained will be used for that purpose.

The state Rosenthal Fair Debt Collection Practices Act and the federal Fair Debt Collection Practices Act require that, except under unusual circumstances, collectors may not contact you before 8 a.m. or after 9 p.m. They may not harass you by using threats of violence or arrest or by using obscene language. Collectors may not use false or misleading statements or call you at work if they know or have reason to know that you may not receive personal calls at work. For the most part, collectors may not tell another person, other than your attorney or spouse, about your debt. Collectors may contact another person to confirm your location or enforce a judgment. For more information about debt collection activities, you may contact the Federal Trade Commission at 1-877-FTC-HELP or www.ftc.gov.


United States Department of Housing and Urban Devlopment (HUD): To find a HUD certified housing counseling agency, call 1-800-569-4287 (Toll-Free) or TTY/TDD 1-800-877-8339. You may find other useful consumer information on foreclosure alternatives on the HUD website at http://www.hud.gov/foreclosure/ including an article on “Tips for avoiding Foreclosure” 

Consumer Financial Protection Bureau (CFPB): Visit them online at www.consumerfinance.com or call 855-411-2372

National Mortgage Licensing System (NMLS): Visit them online at http://www.nmlsconsumeraccess.org/
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