If you experience a change in your financial situation and think that you might fall behind on your mortgage payments, there are some things you can do.
Call your lender! The most important step is to talk to your lender immediately.
Call your lender or talk to them if they call you. Ask to speak with someone in Default Management. Explain your situation and ask for help. Many lenders have special assistance they can offer to consumers in trouble to help them catch up on their mortgage payments. Considering that some foreclosures can occur in as little as one month, you must act immediately to prevent foreclosure and to minimize the impact on your credit.
Contact a housing nonprofit for advice.
The HOPE National Hotline, for example, is an independent, third party resource that is part of a HUD-certified, not-for-profit network dedicated to helping homeowners who are facing foreclosure. These counselors are trained to help you develop an action plan to address your situation. Spanish-speaking counselors are also available. You can call the hotline at (888) 995-HOPE. It is completely free to consumers and is available 24 hours a day, seven days a week.
Avoid scam artists! Be on the lookout for predators who would take advantage of your misfortune.
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