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Consumer Advisory Bulletin

Call the Mortgage Help Hotline:
877-622-4866

Call if you are having trouble making payments or are facing foreclosure.

Attorney General Tom Miller urges Iowans to call the Iowa Mortgage Help Hotline – 877-622-4866 – if they are having trouble making mortgage payments, or if they think they may have trouble in the near future. You can also reach the Hotline at www.IowaMortgageHelp.com. Call! You may be able to avoid losing your home.

The Mortgage Help Hotline is free, confidential, and open to anyone.

Who should call: Call if you are current on your payments, but face a risk of not being able to pay. Call if you are behind in one or even multiple monthly payments. Call if you have received a foreclosure notice. Call even if a sheriff’s sale is coming up.

How the Hotline can help: Callers will reach experienced Iowans prepared to help. Note – the Hotline does NOT offer money or payments to borrowers, but it can help in other ways. Some callers may be able to use basic counseling assistance in managing their finances. Some people may get help renegotiating their loan terms to payments they can manage. The Hotline may be able to help up to the point of a sheriff’s sale.

Call 877-622-4866 now! The Hotline is open weekdays, 8:30-5 p.m. Or go to www.IowaMortgageHelp.com. The sooner you call, the more likely the Hotline can help.

When you call the Hotline, be prepared to provide full financial information, so the Hotline can explore if restructuring a loan or some other arrangement might benefit both you and your lender and avoid foreclosure. Remember, foreclosure hurts everyone – borrowers lose their homes, and lenders incur losses and costly expenses. But half of borrowers never contact their lender when their loan is in jeopardy. One top goal of the Hotline is to put borrowers and lenders together to try to solve problems.

The Hotline may be especially helpful to “subprime” borrowers with adjustable rate mortgages, or ARMs. Many ARMs have fixed rates for two years, but after two years rates may quickly adjust upward. Higher rates mean higher monthly payments, and some borrowers can’t afford them. Some of those loans may be able to be restructured, or there may be some other arrangement that could work for both borrowers and lenders.

The Hotline can’t help everyone, but please make the call to see if it can help you. It may be able to help you work through the maze and find out if a loan modification or other solution can be found that works for all. Please contact the Hotline now.

The Hotline may be especially helpful to "subprime" borrowers with adjustable rate mortgages, or ARMs. Many ARMs have fixed rates for two years, but after two years rates may quickly adjust upward. Higher rates mean higher monthly payments, and some borrowers can't afford them. Some of those loans may be able to be restructured, or there may be some other arrangement that could work for both borrowers and lenders.

The Mortgage Help Hotline is a collaborative effort by the Iowa Attorney General, Iowa Mediation Service, Iowa Finance Authority, Iowa Legal Aid, and IHOEP – the Iowa Home Ownership Education Project. Go to www.IowaMortgageHelp.com – or call 877-622-4866.

Public Service Announcments (PSAs):

 

For more information, or to file a complaint, contact the Consumer Protection Division, Hoover Building, Des Moines, Iowa 50319. Phone 515-281-5926.

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