Is Housing Counselors  free/how much will it cost?
HUD approves housing counseling agencies throughout the country who give advice free or at low cost. You can find a list for a counseling agency near you, or call HUD's interactive voice response system at: (800) 569-4287.

 

Can I keep my home?
The best way to keep your home is to ACT NOW!! Contact your lender and follow Tips for Avoiding Foreclosure.

 

What are my options?
Lenders want to help borrowers keep their homes. Foreclosure is expensive for lenders, mortgage insurers and investors. There are a number of options that may work for you.

 

What do I do with all the mail from my lender?
Open it! The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

 

What is the first thing I should do?
Don't ignore it because the problem won't go away! Pick up the phone and talk to your lender. Most of us are embarrassed to discuss our money problems with others or believe that if lenders know we are in trouble, they will rush to collection or foreclosure. In reality, lenders want to help borrowers keep their homes and have workout options to help you keep your home. Foreclosure is expensive for lenders, mortgage insurers and investors.

 

Who is my servicer? How can I contact them? What do I say and what do I need?
If you're having trouble finding a phone number for your lender, check:

  • Your monthly mortgage billing statement
  • Your payment coupon book
  • The website for your lender

When you call your lender, it will be helpful to have the following information ready:

  • Your loan account number
  • A brief explanation of your circumstances
  • Recent income documents (such as Pay stubs; Benefit Statements from Social Security, Disability, Unemployment, Retirement, or Public Assistance. If you are Self-employed, have your tax returns or a Year-to-date Profit and Loss Statement available for reference)
  • List of household expenses

What should I do if I am contacted by a foreclosure service?

You should talked to a housing counselor first considering this service is either free or a low set price. Many of these companies charge as much as three mortgage payments.

 

Should I do a "Short Sale" to sell my home?

A short sale should be your last think you do, and only if talking to a housing conselor, your lender, and maybe an attorney for bankruptcy fails to provide you with an option that will work and before the home is sold at foreclosure aution to protect your credit.