If you’ve missed your mortgage payments three months in a row
There is hope, however this is the last chance to catch up and go back to mortgage payment schedule. Your lender may send a "Demand Letter" or "Notice to Accelerate" and you generally have 30 days to bring the mortgage current, otherwise foreclosure proceedings are started, including public notification being made at local courthouse, in a local paper, and posted at your house. Here are some action items to help you save your home.
Gather your paperwork
Here’s the suggested paperwork you should gather for discussions with your lender and a housing counselor
- Copies of mortgage documentation
- Proof of income
- The delinquency or foreclosure notices you’ve received
- Info about your expenses including car payment, insurance, cable, phone, and other bills
Contact a certified housing counseling agency
Most HUD-approved counselors provide free counseling services and many more provide low-cost counseling. Do not agree to work with a counselor who collects a fee BEFORE providing any services or who accepts payment only by cashier’s check or wire transfer.
Find Counselors Here
Use your assets
Do you have a second car, jewelry, or a whole life insurance policy that you can sell for cash to help reinstate your loan? Even if these efforts do not significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.