Contact Your Lender As Soon As You Have A Problem

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Contact Your Lender As Soon As You Have A Problem

Many people avoid calling their lenders when they have money troubles. Most of us are embarrassed to discuss our money problems with others or believe that if lenders know we are in trouble, they will rush to collection or foreclosure. In the current financial state of the country banks are trying everything they can to avoid foreclosing on a home. They don't want anymore homes than they already have. It cost lots of money for a bank to foreclose on a home, and they can rarely sell it for what they have invested. It is in their best interest to work with the homeowner.

Lenders want to help borrowers keep their homes. Foreclosure is expensive for lenders, mortgage insurers and investors. HUD/FHA, as well as private mortgage insurance companies and investors like Freddie Mac and Fannie Mae, require lenders to work aggressively with borrowers who are facing money problems.

Lenders have workout options to help you keep your home. However, these options work best when your loan is only one or two payments behind. The farther behind you are on your payments, the fewer options are available.

Do not assume that your problems will quickly correct themselves. Don't lose valuable time by being overly optimistic. Contact your mortgage lender to discuss your circumstances as soon as you realize that you are unable to make your payments. While there is no guarantee that any particular relief will be given, most lenders are willing to explore every possible option.

Finding Your Lender

Check the following sources for lender contact:

  • Your monthly mortgage billing statement
  • Your payment coupon book
  • Web links or customer service numbers found under "help for homeowners" lenders

Information To Have Ready When You Call:

To help you, lenders typically need:

  • Your loan account number
  • A brief explanation of your circumstances
  • Recent income documents (such as Pay stubs; Benefit Statements from Social Security, Disability, Unemployment, Retirement, or Public Assistance. If you are Self-Employed, have your tax returns or a Year-to-date Profit and Loss Statement available for reference)
  • List of household expenses

Expect to have more than one phone conversation with your lender. Typically, your lender will mail you a "loan workout" package. This package contains information, forms and instructions. If you want to be considered for assistance, you must complete the forms and return them to your lender quickly. The completed package will be reviewed before the lender talks about a solution with you.


CALL TODAY! The sooner you call; the sooner help is available.
Do Not Ignore Mail From Your Lender

If you do not contact your lender, your lender will try to contact you by mail and phone soon after you stop making payments. It is very important that you respond to the mail and the phone calls offering help. If your lender does not hear from you they will be required to start legal action leading to foreclosure. This will substantially increase the cost of bringing your loan current.

Information For Families With FHA Loans

The Federal Housing Administration (FHA) provides a wide range of relief options for borrowers. There are many alternatives and ways to get help. These may include mortgage modifications, special forbearances, and other actions you can take to avoid foreclosure.

HUD's National Servicing Center works closely with customers who have FHA insured loans. Do you feel your lender is not responding to your questions? Do you need assistance contacting your lender? The NSC is ready to help!

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