After Falling Behind

Identify the Problem

• What caused your current situation (job loss, illness, divorce, decreased income)
• How long do you expect your difficulty to last
• What specific type of help do you need
• How much can you afford to pay toward your mortgage

Communicate

• Speak with your bank’s delinquent loan or loss mitigation specialist
• Explain your situation
• Ask for a mortgage workout package
• Keep a phone log that shows the date and time of your call, who you spoke to, the person’s phone number and what was said
• Follow up your phone call with a letter and keep a copy for yourself
• Send all letters by certified mail and keep the receipt

Pay What You Can and Save the Rest

• Send to the bank as much of the mortgage payment as possible
• If the bank returns your payment, save the money – do not spend it on other bills

Know Your Options

• There are many ways the bank can help you if you fall behind on your mortgage. Which one you choose/need and what the bank allows will depend on your individual situation.

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