Trouble Making Your Payments?

Don't face foreclosure alone.

As soon as you know you won’t be able to make a mortgage payment, call your lender immediately. You have the most options when you’re only one or two payments behind.

• Contact your lender immediately. Good lenders are able to help borrowers through financial difficulties. Your lender does not want to take away your house. Explain why you are having a hard time repaying the loan and let them know you are committed to keeping the home and need help making a plan. They are actually trained to help borrowers do this.
• Call the Homeownership Preservation Foundation’s Homeowner’s HOPE Hotline. Call 1 (888) 995-HOPE [1 (888) 995-4673] (toll free) for 24/7 phone counseling in English and Spanish. HPF provides free, professional, objective, independent and confidential, personalized homeowner assistance and foreclosure prevention counseling services.
• Discuss your options with a counselor: NeighborWorks offers free or low-cost housing counseling across the nation. Counselors can help you by discussing laws and the options you can take. Get immediate help online or call 1 (800) 569-4287 (toll-free) or TTY 1 (800) 877-8339 (toll-free) to find a counselor near you.
• Check and read your mail: Lenders will send you information about foreclosure prevention and options to help solve your financial problems. Eventually, they will give you notice of upcoming legal action.
• Understand your mortgage rights: Go back to your loan documents and find out what your lender will do if you are unable to make your payments. Contact your local State Government Housing Office and learn about your state’s foreclosure laws and timeframes.
• Review your finances: Be careful of how you spend your money. Go over your budget and see where the majority of your money is going. Get rid of any optional expenses such as cable TV, club memberships or other forms of entertainment that you can cut from your budget.
• Use your assets: Things like jewelry or a second car can be sold for cash. Perhaps someone in your household can get a job and bring in additional income. While these steps may only bring about small changes, they will show your lender that you are serious about keeping your home and are willing to make some sacrifices.

People you can call or visit for help:

• Consumer Credit Counseling Services: 1 (800) 251-2227 (toll-free)
• HUD Counseling: 1 (800) 569-4287 (toll-free)
• Homeownership Preservation Foundation's Homeowner's HOPE Hotline: 1 (888) 995-4673 [1 (888) 995-HOPE] (toll-free)