An important thing for you to know is that you are not alone. Everyone will go through financial hardships. Obviously, the extent of those hardships are different for everyone but at some point, we all need help in one way or another. Don't be too embarrassed to reach out to the appropriate sources. There are many ways for you to get help. You just have to be willing to ask for it.
WHAT TO DO IF YOU ARE HAVING FINANCIAL PROBLEMS
Do NOT ignore the letters from your mortgage company! Do NOT move out of your home and give up! Call your mortgage company and be prepared to answer questions and provide financial documentation. You may be surprised to learn that mortgage companies do NOT want your home. They don't make money that way. They only make money if you can make your payments. Therefore, mortgage companies are willing to work with you in numerous ways to keep you in your home and help you through your difficult time. Call them immediately!
You can also call a HUD - approved housing counseling agency. They sometimes have information regarding many different programs available in your community to assist you. They will also assist you in dealing with your lender, if you need it. Call the main number and get referred to the approved agency that is nearest to you. The number for the main referral service is: 1-800-569-4287 or the TDD number is: 1-800-877-8339.
OPTIONS FOR ASSISTANCE
Once communication is open between you and your lender, there are many different options that may be available to you. Discuss all of these options with your lender until you have found one that will work best for you.
SPECIAL FOREBEARANCE Sometimes the mortgage lender can arrange a special payment plan that involves suspending or reducing your mortgage payment for a certain amount of time. They will only do this if they feel confident that you will be able to resume normal payments soon and make up the additional amounts in a preset plan of repayment.
MORTGAGE MODIFICATION The mortgage lender may feel that a modification will work best for you. If you have had a reduction in income and can't make the same payment, but can make a normal payment, they may attempt to extend the mortgage, refinance it or reamortize it to reduce your monthly payment.
| Here's the follow-up discussion on this article: | View all related messages |
For a complete listing of article comments, questions, and other discussions related to Whitni Smith's Financing a Mortgage topic, please visit the Discussions page.