How to Talk to Your Home Lender

If your mortgage is delinquent, or if you fear it may be in the near future, the most important thing to do is to take action and contact your lender.

Many lenders engage 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 claim, 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 offers help for homeowners and have housing counselors who are trained on loss mitigation techniques and can help you navigate all of your options. Be sure to check out HUD's study on the positive impact of housing counseling. Following are some 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 about how to avoid foreclosure, visit HUD.gov.

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