If you are having trouble paying your mortgage or are concern that you may miss a payment. You should contact the company that services your mortgage as soon as possible. You should also get in touch with a housing counselor who is recognize by HUD to get cost-free. Professional guidance on how to stop the foreclosure process.
First things first, give your mortgage servicer a call
On the statement that you get each month for your mortgage loan. You will see the phone number for your mortgage servicer. Check difficulties paying my mortgage need help book that was given to you. By your lender in the event that you do not get a monthly mortgage statement. You might also check the website of the company that services your mortgage. You should seek assistance from a housing counselor who is authorized by HUD. If you are unsure about the name of the company that services your mortgage.
When you phone the mortgage servicer, you should be ready to explain the following:
- Your explanation for why you are unable to make the payment.
- Whether or not the issue is going to be around for good.
- Specific information on your earnings, costs, and other assets, such as money in the bank.
- In the event that you are a member of the armed forces and have been given instructions for a permanent change of station (PCS). (It is crucial to point this up since it might affect whether or not you are eligible for loss mitigation alternatives due to your military transfer.)
There is a wide variety of foreclosure prevention assistance available from mortgage servicers. Your mortgage servicer will evaluate your circumstances in order to determine the potential courses of action that are open to you. It’s possible that the servicer may ask you to fill out an application for mortgage help. After the application has been filled out and reviewed by the servicer, you will be informed of the loss mitigation alternatives, if any, that are available to you from the company.
Afterwards, contact a HUD-certified housing counselor
You can get help from a housing counselor through the Department of Housing and Urban Development (HUD). The therapist can:
- Talk to someone about your predicament and find out whether you qualify for any programs or further assistance.
- You should ask your servicer to help you understand the loss mitigation alternatives that are available to you. And to recommend the choices that are most likely to be successful for you.
- Help you with the process of dealing with your servicer as well as any additional programs or papers that you may need.
- Help you with budgeting, credit card debt, or other financial difficulties that may be making it difficult for you to pay your mortgage for a fee as low as possible or even for free.
You may acquire a list of housing counseling organizations in your region that are HUD-approved by utilizing the “Find a Counselor” function on the website of the Consumer Financial Protection Bureau (CFPB). You may also contact the HOPETM Hotline at (888) 995-HOPE, which is available twenty-four hours a day, seven days a week (4673).
It is possible that you need to seek the advice of a lawyer if you are on the verge of experiencing a home foreclosure or if you have been presented with legal documents.
Be wary of cons and frauds
A housing counselor who has been authorized by HUD can assist. In determining which of the numerous alternatives could work best for you. You are not required to pay anybody to assist you in avoiding foreclosure on your home. You may get the assistance you need without incurring any costs by contacting either your servicer or a housing counseling organization that has been authorized by HUD.
Scammers that prey on homeowners facing foreclosure may claim you. They can prevent the property from going into foreclosure, while in reality all they want is your money.
Be on the lookout for the following warning indicators of a scam:
- You will be required to make a payment in advance for assistance.
- The organization offers a money-back guarantee that it will negotiate new conditions for your mortgage.
The organization offers a guarantee that you will not be evicted from your house.
- It has been requested that you sign over the title to your property as well as other paperwork that you do not fully comprehend.
- You have been give the instruction to transfer your payment to a third party instead of your mortgage company or servicer.
- A “forensic audit” is a service that the firm provides.
- You have been instructed to cease making payments on your mortgage.
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