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How to Know When To Contact Your Lender

If your mortgage is delinquent, the most important thing to do is to take action and contact your lender. Many programs are available to help you and your lender find a solution that best fits your unique circumstances. Some other alternatives to foreclosure include a partial claim, straight modification, a permanent hardship or a deed in lieu of foreclosure. 

If you are facing foreclosure, seek help from a Department of Housing and Urban Development (HUD) approved housing counseling agency, such as Money Management International (MMI). MMI's housing counselors are trained on loss mitigation practices and can help you understand all of your options. The housing counselors at MMI offer the following advice for working with your lender to prevent foreclosure:

  • Stay in touch. It is better to contact your lender before they have to contact you.  Help your lender understand how serious you are about keeping your home by responding quickly to their calls and letters. 
  • Be realistic. Do not make promises you cannot keep.  It is better to admit you cannot pay what they are asking and come to a realistic agreement.
  • Be responsible. Your lender is focused on helping serious, responsible homeowners who are committed and have the resources to avoid foreclosure. Make sure they understand that you are one of those people they should work with.

For more tips on how to avoid foreclosure and other housing counseling information, visit MMI's Homeownership and Home Loans section


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