Do You Need Help with Your Home Equity Loan or Mortgage Loan?
If you fall behind on your home mortgage or equity loan payments, there are resources that can help you.
A smart first step is to contact us at 800-797-6324. (Ask for the Collections Dept.)
Below you’ll find other options for advice and assistance, as well as some words of warning:
Who to trust: Credit Counseling
Mechanics Bank can be your starting point for credit counseling—we’re here to help, so first call us toll-free 800-797-6324. (Ask for the Collections Dept.)
You can access the Department of Housing and Urban Development’s (HUD’s) voice response system for a list of approved credit counseling agencies at
The following sources may also offer guidance and support:
Who not to trust: Foreclosure scams
Deals that seem too good to be true almost always are. Foreclosure scams promise to solve your financial problems with little cost or effort, but they may have a big cost in the end.
Remember: Call Mechanics Bank first—we offer real options for resolving your home loan issues.
Beware of these typical scams:
- You surrender the title to your house to the scammer, who promises to let you rent the house and buy it back in the future.
- You think you're signing documents to bring your home loan current, but you're really signing away the title to your home, leaving you with a mortgage, but no home.
- You think you're getting a loan to bring your loan current and pay the past due amount, but you’re really selling your home for that amount. The scammer quickly sells it for a large profit, leaving you with a mortgage, but no home.
- You pay the scammer a fee to take care of everything for you, but they don't.
To help avoid foreclosure and stop foreclosure "rescue" scams, the FDIC's foreclosure prevention initiative includes outreach, a referral service and an information tool kit. The tool kit is available at
http://www.fdic.gov/foreclosureprevention and features:
- Is Foreclosure Knocking at Your Door? brochure, which encourages consumers facing financing difficulties to contact their servicer, apply for a loan modification, and talk to a counselor. The brochure is available electronically and in print.
- Beware of Foreclosure Rescue Scams brochure, which provides consumers information on common scams, tips on detecting a fraudulent deal, and legitimate resources for help and to report criminal activity. The brochure is available electronically and in print.
- FDIC Consumer News, Spring 2009 edition, which offers tips and advice to consumers on avoiding foreclosure with a loan modification and preventing foreclosure "rescue" scams.
- Your Own Home module of the FDIC's Money Smart curriculum, which includes information on foreclosure "rescue" scams and directs consumers to legitimate sources for foreclosure prevention help.
See Also: Understanding Your Options