Consumers » What if I'm Worried About Paying My Current Mortgage?

What if I'm Worried About Paying my Current Mortgage?

If you are facing difficulty in making your current mortgage payments for any reason - a change in your financial situation, job loss, increase in mortgage, payments, etc. - you can take steps to avoid losing your home to foreclosure.

• Communicate with your lender as soon as you can. The earlier you get in touch with your lender, the better your chance to work out a solution. If you are unable to reach your lender or prefer speaking with a homeownership counselor first, contact the Homeownership Preservation Foundation at (888) 995-HOPE. Experienced counselors can help you consider the best plan of action for your personal financial situation.


• Explore every reasonable alternative to avoid losing your home. Foreclosure is often a very last resort for lenders, so they likely will be willing to work with you to arrange a repayment plan, refinance the debt and/or extend the term of the loan, help you obtain an interest-free loan from HUD to bring your mortgage current, allow you to sell your property and pay off your loan, or accept the voluntary return of your property before foreclosure begins.


• Beware of scams. Solutions that sound too simple or too good to be true usually are. Unfortunately there are people who will take advantage of your weakened financial situation for their own gain. Never enter into a transaction involving your home without first consulting with your mortgage company or an attorney.

If you're concerned about making your mortgage payment the worst thing you can do is nothing.