Pre-Foreclosure Sale Package - Utah housing corporation

Pre-Foreclosure Sale Package

Dear Homeowner:

Utah Housing Corporation (UHC) is committed to helping our homeowners facing difficulties making their

payments. UHC may have a program that can help and we offer this assistance at no charge.

ALL sections of the enclosed loss mitigation package must be filled out and returned to our office. This

information will help determine your program eligibility. In order to evaluate your situation, pursuant to section

204(a)(1)(D) of the national Housing Act, the mortgage must be in default on the date the Pre-Foreclosure Sale

(PFS) transaction closes. PFS and Deed in Lieu options are reported to the credit bureaus and may likely affect

your future ability to obtain another mortgage and future credit. In addition, the information may be reported to

the Credit Alert Interactive Voice Response System (CAIVRS) resulting in an inability to obtain government

financing or affect other government benefits for a certain period of time. For our service members, please speak

to your employers regarding the impact, if any, to your employment and security clearance that could result from

participating in the PFS.

Please mail, email, or fax your completed package to the following:

UTAH HOUSING CORPORATION

ATTN: LOSS MITIGATION DEPARTMENT

PO BOX 70569

SALT LAKE CITY, UT 84170

EMAIL: lossmit@

FAX: 801-902-8380

In order to begin the review process, all documents listed on the enclosed submission checklist must be submitted

with your completed loss mitigation application. Missing or incomplete documentation will result in the denial of

your request.

The enclosed documents are being provided as additional resource and should be retained for future reference.

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Save Your Home

HUD Approved Housing Counseling Agencies

Servicemembers Civil Relief Act Notice

Information Sheet - Preforeclosure Sale Procedure

UHC is open Monday through Friday 8:00 A.M. to 5:30 P.M. In the event you require further assistance, please contact

our office at 800-344-0452 or 801-902-8300.

Sincerely,

Utah Housing Corporation

Loss Mitigation Team

(UHC LM/PFSAPP - v.03/2022)

FEDERAL HOUSING ADMINISTRATION

SAVE YOUR HOME

Tips to Avoid Foreclosure

fha

HELP! I CAN¡¯T MAKE MY MORTGAGE

PAYMENT.

WHAT OPTIONS WILL HELP ME KEEP MY

HOME?

Every day thousands of people like you have trouble

making the next mortgage payment. Though thingsmay

seem hopeless, help is available. However, you need to

take the first step! If you ignore the problem you may

lose your home to foreclosure, possibly affecting your

ability to qualify for credit or to rent another home.

FHA provides, as part of its insurance contract with

lenders, loss mitigation actions the lender must evaluate

and take, when appropriate, to reduce financial losses

on loans in default. Your lender needs information from

you to fully evaluate these options. Ifyou want to keep

your home, talk to your lender about available workout

options for home retention. While the options listed here

are for borrowers with FHA- insured loans, most lenders

offer similar workout plansdesigned to help you keep

your home.

WHAT SHOULD I DO?

1. Contact your lender right away. You can find a

contact number on your mortgage statement. When

you call, be prepared to explain:

? Why you are unable to make your payment.

? Whether the problem is temporary or

permanent.

? Details about your income, expenses, and

other assets like cash in the bank.

2. If you are uncomfortable talking to your lender, a

HUD-approved housing counseling agency can

help you understand your options. These services

are free of charge.

3. Open all of the mail you receive from your lender.

It contains valuable information about repayment

options. Later mail may have important legal

notices. Failing to read the mail will not prevent a

foreclosure action.

4. Look for ways to increase the amount you have

available to make your mortgage payments. Can you

cancel cable TV, pack lunches, or get a part- time

job? While these actions may not replace all of your

lost income, they send a strong message to your

lender that you are serious about keeping yourhome.

NOTHING IS WORSE THAN

DOING NOTHING!

Special Forbearance. Your lender may provide for a

temporary reduction or suspension of your payments to

allow you time to overcome the problem that reduced

your income. Then you may be offered a payment plan

so you can pay back the missed payments a little at a

time until you are caught up. An extended forbearance

period may be provided to unemployed borrowers who

are actively seeking employment.

Mortgage Modification. A modification is a

permanent change to your loan through which the

overdue payments may be added to your loan balance,

the interest rate may be changed or the number ofyears

you have to pay off the loan may be extended.

Partial Claim. In a Partial Claim, a borrower receives

a second loan in an amount necessary to bring the

delinquent loan current. The loan is interest free and

does not need to be repaid until you pay off your first

mortgage or sell your house. This option is only

available to borrowers with FHA-insured loans.

However, if you have a conventional loan, ask your

lender if they offer an ¡°advance claim.¡±

FHA-Home Affordable Modification Program

(FHA-HAMP). This option combines an enhanced

partial claim with a loan modification. Under the FHAHAMP, the partial claim loan will not only include any

amounts necessary to bring your mortgage current but

may also include an amount to reduce your existing

Beware of Scams! If It Sounds Too Good To Be True¡­It Usually Is.

Report mortgage fraud. Call 1-800-347-3735.

loan balance by up to 30%. The reduced loan balance

will then be modified to lower your monthly mortgage

payment to an affordable level. As described above, the

partial claim loan is interest free, but must be repaid

when you pay off your first mortgage or sell your house.

To qualify for any of these options, you will need to

provide your lender with current information about your

income and expenses. Also, your lender may require

that you agree to a payment plan for three or more

months to demonstrate your commitment before you are

approved for a modification or partial claim.

WHAT OPTIONS DO I HAVE IF I CAN¡¯T KEEP

MY HOME?

If your income or expenses have changed so much that

you are not able to continue paying the mortgage even

under a workout plan offered by your lender, you should

consider the options below.

Pre-foreclosure sale. With your lender¡¯s permission

you can offer your house for sale and sell it at fair

market value even if the amount you receive from the

sale is less than the amount you owe. If you meetcertain

conditions, you may be eligible to receive relocation

expenses.

Deed-in-lieu of foreclosure. As a last resort, you may

be able to voluntarily give your property back to your

lender. If you leave the property clean and undamaged

you may be eligible to receive relocation expenses.

There could be income tax consequences to any plan

that reduces the amount of debt you owe so check with

a tax advisor before accepting these workout options.

SHOULD I BE AWARE OF ANYTHING ELSE?

Beware of foreclosure prevention scams! You may be

approached by organizations with official sounding

names offering a quick fix to your mortgage problems.

They often charge hefty fees or require that you

¡°temporarily¡± sign over your deed to them. Remember

¡ª solutions that sound too good to be true usually are.

These precautions will help you avoid being taken by a

scam artist:

1. Never sign any papers you don¡¯t fully understand.

2. Check with a lawyer, your lender or trusted advisor,

or a HUD-approved housing counselor before

entering into any deal involving a loan assumption,

contract of sale or a transfer of the deed to your

home.

3. If you can¡¯t afford your current mortgage, don¡¯t be

talked into refinancing into a new loan with a higher

payment. To find a HUD counselor in your area call:

1-800-569-4287 or TDD 1-800-877-8339.

WHAT IS FHA?

The Federal Housing Administration is part of the U.S.

Department of Housing and Urban Development

(HUD). FHA provides mortgage insurance to approved

lenders who in turn offer mortgage loan financing to

individuals and families throughout the United States

and territories. The FHA mortgage insurance enables

approved mortgagees to provide home loans to eligible

borrowers who might not otherwise qualify for other

mortgage loan financing. FHA borrowers are often firsttime homebuyers, moderate income families or folks

who can¡¯t afford a large down payment.

Contact FHA. Struggling homeowners with FHAinsured loans can get assistance by contacting HUD¡¯s

National Servicing Center at (877) 622-8525. Persons

with hearing or speech impairments may reach this

number via TDD/TTY by calling (800) 877-8339.

To learn more about FHA¡¯s programs, please visit:

fha or contact the

FHA Resource Center:

1-800-CALL-FHA (1-800-225-5342)

Federally Insured, Always There!

HUD-2008-5-FHA (04/2012)

Beware of Scams! If It Sounds Too Good To Be True¡­It Usually Is.

Report mortgage fraud. Call 1-800-347-3735.

BEHIND ON YOUR MORTGAGE PAYMENTS?

Help is available.

FREE assistance from HUD-approved housing counseling

agencies is available to you.

Housing Counselors at non-profit or government agencies approved

by the U.S. Department of Housing and Urban Development (HUD)

are trained to help homeowners who are having problems making

their mortgage payments. Counselors can help you find the

best option for your situation.

HUD-approved Housing Counselors will:

? Work with you in person or over the phone.

? Help you understand your housing options.

? Help communicate with your lender.

? Recommend financial tools to help you solve

current problems and avoid future ones.

? Connect you with local resources that may provide

you with additional assistance.

This Help is Free.

HUD approved housing counseling agencies cannot

charge to help you explore your options if you are

having trouble paying your mortgage loan.

? Watch out for companies that charge a fee for

these services. It may be a scam.

? Check findacounselor to confirm

the counseling agency is HUD-approved.

HOW TO FIND A HOUSING

COUNSELOR TODAY:

? Online. Search for a housing

counseling agency near you at:

findacounselor or



/find-a-housing-counselor/

? By Phone. Call HUD¡¯s Housing

Counseling Locator Service at

(800) 569-4287.

? Persons with hearing or speech

impairments may access this

number via TTY by calling the

Federal Information Relay Service

at (800) 877-8339.

? Comprehensive foreclosure

assistance is available around

the clock at (888) 995-HOPE

(4673).

9692HC-(English)



HUD Approved Housing Counseling Agencies

Salt Lake County

COMMUNITY DEVELOPMENT CORPORATION OF UTAH

Phone:

801-994-7222 or Toll Free: 866-994-7222

Email:

info@

Address:

501 East 1700 South Salt Lake City, UT 84105

AAA FAIR CREDIT FOUNDATION

Phone:

801-483-0999

Email:

housing@

Address:

230 West 200 South #3104 Salt Lake City, UT 84101

1-800-225-5342

Fax:

Website:

801-994-7220



Fax:

Website:

801-364-8885



SALT LAKE NEIGHBORHOOD HOUSING SERVICES, INC - DBA NEIGHBORWORKS SALT LAKE

Phone:

801-539-1590

Fax:

Email:

Website:



622 W 500 North Salt Lake City, UT 84116

Address:

MONEY MANAGEMENT INTERNATIONAL SALT LAKE CITY

Phone:

866-232-9080

Email:

counselinginfo@

Address:

2825 E Cottonwood Pkwy Ste 500 SLC, Utah 84121

Northern Utah

NEIGHBORHOOD NONPROFIT HOUSING CORPORATION

Phone:

435-753-1112

Email:

justin@

Address:

195 West Golf Course Road, Suite 1 Logan, UT 84321

UTAH STATE UNIVERSITY - FAMILY LIFE CENTER-HFC

Phone:

435-797-7225

Email:

fchd@usu.edu

Address:

493 North 700 East Logan, UT 84321

Utah County

COMMUNITY ACTION SERVICES

Phone:

801-691-5200

Email:

cwixom@

Address:

815 South Freedom Blvd. Provo, UT 84601

Neighborworks Provo DBA Mountain Country Home Solutions

Phone:

801-375-5820

Email:

Address:

39 W 300 N Provo, UT 84601

Southern Utah

NEIGHBORWORKS PROVO DBA SUN COUNTRY HOME SOLUTIONS

Phone:

435-218-7189

Email:

mbalser.suncountry@

Address:

382 S. Bluff St. #150 SAINT GEORGE, Utah 84770

Last Updated: 01/31/18

Fax:

Website:

866-921-5129



Fax:

Website:



Fax:

Website:

435-797-7432



Fax:

Website:

801-373-8228



Fax:

Website:

801-375-5966



Fax:

Website:

435-763-4580

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