Tips to Prevent Foreclosure
Do Not Ignore Your Mortgage Problem
- Open and respond to all potentially time-sensitive mail from your lender- they may give you more options.
- Find your original mortgage loan documents and review them.
- Review and write down all income and expenses - keep your receipts and record of payments together in one file.
- Be able to briefly summarize your financial circumstance.
Know Your Options
If possible - refinance your loan.
Options range from short to long-term and/or permanent solutions.
You may be able to work out a temporary plan to make up missed payments, or modify loan terms.
Sometimes, the best option may be to sell the house.
For information on different options, visit HUD’s website
or Foreclosure Resources for Consumer
for links to local resources.
If you think you have been a victim of predatory lending - seek legal counsel. Call your local university to inquire if there is a legal clinic that can provide you with assistance.
Or, contact your state attorney general, the American Association of Residential Mortgages Regulators
, fair housing agency or the Federal Trade Commission
for more information about legal assistance.
Get Help Now
your Mortgage Lender or a Housing Counselor.
Ask if you qualify for alternatives to foreclosure, including repayment plans, postponements or regular payments (called forbearance), and other workout options.
Maximize Your Resources
- Do you have a second car, jewelry or a whole life insurance policy that you can sell for cash to help reinstate your loan?
- Do you qualify for assistance with other bills that may help free up income for your mortgage on a temporary basis? Click here to explore Community Resources.
- 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.
Beware of Foreclosure Rescue Scams
to learn more.