Problem Signs that you Can’t Ignore

Are you having trouble keeping up with your Mortgage and Loan payments?Have you received a notice from your lender asking you to contact them?

What you should do
* Behind On Your Mortgage? Modify Your Loan and Keep Your Home.
* Don’t ignore the Notices from your Mortgage Lender
* Contact your Mortgage lender as soon as you are able, Prepare a list of things you can say to them
* Contact a HUD-approved Housing Counseling Agency Toll FREE (800) 569-4287

1. Whatever you do, Don’t ignore the problem.

The further behind you become
the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your Mortgage lender as soon as you realize that you have a problem with Making the Payments.

Lenders do not want your house. The Government will be helping them to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention options that can help you through financial problems. Or important legal action. Your failure toaddress the issues will not help you in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and time frames in your state (as every state is different) by contacting the State Government Housing Office.

6. Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287

7. Prioritize your spending.

After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other “unsecured” debt until you have paid your mortgage.

8. Use your assets.

Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.

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