Contact Your Mortgage Company Now!

Many people avoid calling their lenders when they have money troubles.
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.
Lenders want to help borrowers keep their homes. Foreclosure is expensive
for lenders, mortgage insurers and investors. HUD/FHA, as
well as private mortgage insurance companies and investors like
Freddie Mac and Fannie Mae, require lenders to work aggressively
with borrowers who are facing money problems.
Lenders have workout options to help you keep your home. However,
these options work best when your loan is only one or two payments
behind. The farther behind you are on your payments, the fewer options
are available.
Do not assume that your problems will quickly correct themselves.
Don’t lose valuable time by being overly optimistic. Contact your
mortgage lender to discuss your circumstances as soon as you realize
that you are unable to make your payments. While there is no
guarantee that any particular relief will be given, most lenders are
willing to explore every possible option.
To help you, lenders typically need:
• 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
Expect to have more than one phone conversation with your lender.
Typically, your lender will mail you a “loan workout” package. This
package contains information, forms and instructions. If you want to
be considered for assistance, you must complete the forms and return
them to your lender quickly. The completed package will be reviewed
before the lender talks about a solution with you.
CALL TODAY! The sooner you call; the sooner help is available.