When you call your lender, be sure to have your account information handy and be ready to give a summary of the financial problems you are having. You should also have recent income statements and your household budget with you.

Be prepared for more than one conversation. Your lender may require that you complete a "loan work-out" package – you may not be eligible for help without it, so complete it as soon as you receive it.

Questions to ask:

• How much time is the lender willing to give you to complete a work-out?
• What are your obligations under the work-out package?
• What are the specifics? Be sure to ask what is due and when.
• Will a foreclosure sale of your property be put on hold while your lender looks at the possibility of a work-out package?

Visit the Mortgage Bankers Association's Foreclosure Prevention Resource Center for advice on calling your lender for assistance.

Preparing for Your Conversation

Be ready to provide a short explanation of why you are unable to make your mortgage payment. Did someone lose a job? Is there a medical emergency? Are you current on your loan but have not been able to refinance into better terms?

You’ll also need to provide your servicer with important information about your property, income, and debt obligations.

Being prepared for this conversation will help your servicer understand your case and see if you qualify for a loan modification or other mortgage workout programs.

If you need assistance and cannot reach your servicer, you can contact one of the local HUD approved counseling agencies in your area.

"ILostMyJob.com provides information, ideas, and inspiration for people in job transition. If you have lost your job and need additional help, may we suggest you find local resources on our search by state page or browse additional articles in our Get Help library. For tips about how to perform a job search, we encourage you to visit www.careercentertoolbox.com. In particular, these articles talk about having a personal strategy and mistakes to avoid. Please feel free to start your week with our Outlook News podcast at ILostMyJob.com/monday, and to receive information and updates by email, subscribe to our free Job Transition News newsletter. Thank you for your visit, and all the best!"

Comments (0)

Name

Email

Comment

smaller | bigger

I have read and agree to the Terms of Usage.

Write the displayed characters

Add Comment