Are You Worried About Your Mortgage?

Banking Commissioner Peter Hildreth strongly supports Governor Lynch’s recent call to action in light of increasing foreclosure rates in New Hampshire and across the country. Commissioner Hildreth urges homeowners to make sure that they are educated consumers when it comes to their mortgages. To assist New Hampshire citizens, the Banking Department is holding free public sessions in cities across the state where Banking Department staff will review consumers’ mortgage documents and answer questions that New Hampshire citizens may have about upcoming changes in their payment terms. The next sessions are scheduled for:

October 4, 2007, Housing Partnership, from 4:00 p.m. to 8:00 p.m.
1555 Islington Street, Portsmouth, NH
603-431-3620

October 9, 2007, NH Banking Department, from 2:00 p.m. to 8:00 p.m.
64B Old Suncook Road, Concord, NH
603-271-3561

October 16, 2007, Laconia Library Auditorium, from 4:00 p.m. to 7:30 p.m.
695 North Main Street, Laconia, NH
603-534-4775

Additional sessions will be held in other locations around the state. Please check this site or call us at 603-271-3561 for more information. The Department has already held similar sessions in Rochester, Keene, Nashua, Manchester Berlin, and Littleton.

Consumers who have purchased a home or refinanced within the last two or three years should pay particular attention to whether their mortgages call for a change in payments in the coming months. Banking Department staff will be available to review documents with consumers on an individual basis and assist citizens in understanding what their new payment would be if the mortgage were to reset today. Staff will also review documents for signs of fraud and assist consumers in filling out consumer complaint forms if appropriate.

The public is also invited to stop into the Banking Department office during business hours. When meeting with NHBD staff, consumers should bring as many of their loan documents as they can including, if possible: the HUD-1 form; the Note; the Mortgage; the Truth in Lending Statement; the Good Faith Estimate; the Application; the most recent mortgage statement; and any other documents you may have signed to obtain this mortgage.

If you are one of those individuals who bought your home within the last three years and took advantage of such mortgage offerings as a low introductory rate, the Banking Department wants to be sure that you understand fully the terms of your loan. Many such loans are about to adjust to require a new, higher payment. The Banking Department wants to help you estimate what a new payment would be so that you can determine whether you can meet the new payment level. If you cannot, you can start exploring other options today! For example, you should start to work with your lender now to determine whether you can refinance into a mortgage that you can afford. If that option is not available to you, it is best that you understand as soon as possible so that you can make alternative plans.

A representative from Consumer Credit Counseling Service NH-VT will also be present at some sessions to conduct supplementary individual counseling sessions and schedule additional meetings as appropriate. CCC is a local non-profit community service organization that can offer advice on such issues as budget and credit counseling, as well as debt management—concerns that often go hand-in-hand with mortgage concerns.

For additional information about the Banking Department’s consumer outreach program and a schedule of locations where sessions will be held, visit this http://www.nh.gov, email the Legal Division at Legal (at) banking.state.nh (dot) us, or phone Abigail Shaine at (603) 271-3561.

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