What steps do I take if I foresee mortgage problems?
Evaluate your situation. Include family members in the process. Set money aside for your mortgage payment. Get in touch with your lender/servicer. Always give truthful and accurate financial information. Never agree to any plan that you can’t afford. Review your loan documents carefully.
How should I deal with collection notices?
OPEN YOUR MAIL! Immediately communicate your hardship to your lender. Call a housing counselor for help.
What does a housing counselor do?
Housing counselors act as an advocate on your behalf. They communicate with your lenders and servicers, with you, to find options that might save your house from foreclosure.
Do I pay for this help?
No. HUD approved, non-profit housing counseling agencies offer free help. Be aware of scams and agencies that try to charge you for their services. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
What are some of my options?
A temporary forbearance, a loan modification, a short sale or Deed in lieu (DIL) of foreclosure are options that can be explained to you by a housing counselor.
