What to do if you are having mortgage difficulties

• ACT PROMPTLY–If you think you will not be able to make your mortgage payment or have already fallen behind, get ready to call your lender or loan servicer immediately. Find information on how to contact your lender or loan servicer on your monthly mortgage statement.
• Before you call, take a moment to review your loan documents. Learn more about your rights and obligations under your loan contract.
• Don’t worry if you cannot find your loan documents. Ask your lender or loan servicer for another copy.
• Loan documents can be difficult to understand. Ask your lender or loan servicer to explain the details or contact one of the counseling options listed below for help.
• Foreclosure laws vary by state. Ask your loan servicer or lender what the rules are in your state. You can also get this information by contacting one of the counseling options below.
• If you are having trouble making your payments, be prepared to explain to the loan servicer why you need your loan modified. Have information about your income and expenses at your fingertips. To avoid foreclosure, you will need these details to get a loan modification that is affordable.
• Be sure to keep notes of all of your contacts with your lender or loan servicer. Note the date and time of each contact, the name of the person with whom you spoke, a description of what was said and any promises that were made. Follow up by getting any promises in writing.

If you are not able to get the result you need by contacting your loan servicer or you would rather get help from a counseling agency first, here are several foreclosure counseling options you may contact:

• HUD counseling services (www.hud.gov) or (800) 569-4287
• NeighborWorks America (www.nw.org)
• Homeownership Preservation Foundation (www.995hope.org) or (888) 995-HOPE (4673)
• Fannie Mae Counselor Search (www.fanniemae.com)
• Credit Counseling Agencies Approved Pursuant to 11 U.S.C. § 111 (Approved by Department of Justice for bankruptcy filers) (www.usdoj.gov)
• National Foundation for Credit Counseling (www.nfcc.org)

Additional Resources:

This FDIC page provides a list of online resources for consumers on how to avoid foreclosure and modify loans

The FTC provides comprehensive and practical advice for homeowners having mortgage difficulties

The Federal Reserve Board has also compiled some tips to help protect consumers from foreclosure scams