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Take steps to protect your home, your family and your credit rating. Don't wait until it's too late.
Regardless of your situation, if you are facing the risk of losing your home, the first thing to do is to clearly understand your financial condition. It is recommended you follow these three steps:
1. Call for assistance.
Homeowner's HOPE™, a free counseling service provided by the Homeownership Preservation Foundation, can work with you to try to find a solution. The sooner you call, the sooner you can regain your peace of mind. More than half of homeowners facing foreclosure did not call for help when they fell behind in their mortgage payments.
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2. Get prepared!
Before you call, you will need the following information ready and on hand:
- Name of owner
- Property address
- Telephone number
- E-mail address
- Mortgage lender(s) name
- Mortgage loan number
- List of monthly bills (credit cards, auto payments, etc.)
- Documentation of current income
- Causes for mortgage trouble
- Is the loan in bankruptcy? (if yes, you will need to provide the owners name, location, case number and attorneys name).
- Is the property owner-occupied?
3. Avoid foreclosure-call a reputable nonprofit organization.
The Homeowner's HOPE Hotline, available at 888-995-HOPE (4673), is an independent, third-party resource that is a part of the Housing and Urban Development (HUD) certified, not-for-profit network dedicated to helping homeowners. HOPE counselors are trained to set up a plan of action designed just for you and your situation. (Spanish speaking counselors are also available; llame español.)
4. Local Referrals
In some instances, the HOPE Hotline will arrange for local one-on-one personal meetings. Depending upon your situation, you may be referred to a local HUD-approved agency.
