Foreclosure Prevention -
Tips If Your Mortgage is Late
Don’t wait, call for help immediately The longer you wait to get help, the less likely you can be helped. Seek help before you miss a payment. Call 1-888-995-HOPE , a housing counselor (free/confidential) is available 24 hours a day, 7 days a week in English and Spanish.
Communicate with your lender Chances are your lender will want to work with you and help you find a way to keep your home.
What can you do to protect your home
- Get Free Counseling Contact the Consumer Credit Counseling Service Hotline, (877) 254-1097 or a counseling agent approved by Montgomery County:
- Beware of scams Watch out for predatory lenders, unsolicited offers to help and for-profit phone counseling agencies.
- Never sign anything you do not understand Check with a nonprofit housing counselor or lawyer first.
What Documents Do You Need?
Have the following documents ready when you contact a housing counselor or your lender:
- Settlement papers
- Recent correspondence from lender (late notice, foreclosure notices, etc.)
- Recent statement from lender
- Recent pay stubs
- Statements of all debt (credit cards, loans, medical utilities, etc.)
Loss Mitigation Options
Your lender may be willing to explore these options with you:
- Repayment Plan
- Loan Modification
- Partial or Advance Claim
- Reverse Equity Mortgage