If you are unable to make your mortgage payment:
Don’t ignore the problem.
The longer you wait to get help, the harder it may be to get assistance from your mortgage company or a housing counselor.
Contact a HUD-approved Housing Counseling Agency.
A housing counselor can help you understand the law and your options, organize your finances and represent you in negotiations with your servicer if you need assistance.
Open and respond to all mail and answer phone calls from your mortgage company.
The notices you receive may offer information about foreclosure prevention options and important notices of pending legal actions. Your failure to open this correspondence will not be an excuse to prevent the foreclosure process.
Prioritize your spending.
If keeping your house is your first priority, review your finances to see where you can cut spending. Take any responsible action that will save cash.
Keep your options open.
The sooner you reach out for help, the more options you have.
Always beware of mortgage modification scams!
If you are struggling with your mortgage, you may have received information by mail or telephone with promises of a “quick-fix” or “easy solutions” to your mortgage problem. In many cases, scammers will even create letters or advertisements to appear that it is from your mortgage company. If you receive a call or offer in the mail, call your mortgage company using the phone number on your mortgage statement, and ask if they sent you such a communication.
Check out these six tips on how to spot a loan modification scam ›