- Nothing starts without your phone call to your lender.
- Contact the lender’s Loss Mitigation or Foreclosure Prevention department if you can’t keep up
with your mortgage. Don't try to go through Customer Service.
- Ask them to send out a “work-out” packet to update your financial information including
income, expenses and other debts.
- Typically, lenders do not want your home –they want your house payments.
- Often it is in everyone’s best interest to agree on new terms that change the current mortgage.
- Foreclosures are court actions involving lawyer’s fees, and they cost lenders a lot
What to do if you’re facing foreclosure:
- DO NOT IGNORE letters from your creditors. Half of all foreclosures can be stopped if you
communicate with your lender. Ignoring legal notice(s) may force foreclosure. HOPE is
available to any homeowner in America having trouble paying their mortgage.
- You can call 1-888-995-HOPE (1-888-995-4673) any time. Counselors are available 24 hours a
day, 7 days per week and provide free foreclosure prevention counseling. They will help you
negotiate with your lender.
Scams are out there! Beware of:
- Solutions that sound too good to be true usually are.
- Phony counseling agencies that charge large fees to perform services that
you can do for yourself.
- Understand anything you sign. DON’T be pressured to something you DON’T understand.
- Predatory lending and DON’T become a victim.
- People who will take advantage of your troubles.
This information came from the Stark County Save our Homes Coalition. Learn more at their website »