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If your mortgage is delinquent, the most important thing to do is to take action and contact your lender. Many lenders are engaging in responsible loss mitigation practices. For example, if you have the amount of money required to bring your loan current, the mortgage company will reinstate your mortgage. You may also contact your mortgage company and work out a repayment plan. Some other alternatives to foreclosure include a partial clam, straight modification, a permanent hardship, and a deed in lieu of foreclosure. 

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

  • Stay in touch. It is better to contact your lender before they have to contact you. Help the lender understand you are serious about keeping your home by responding 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 people who have the commitment and 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, visit HUD’s Web site at HUD.gov.