How can I work with my Lender to Prevent Foreclosure?
As soon as you think you may fall behind on a payment, call a foreclosure counseling agency, a Freddie Mac Borrower Help Center ( if your mortgage is through Freddie Mac), or your lender directly (this will be the company where you send your mortgage payments). When you speak to your counselor or lender, be honest. Explain whether your financial problems are temporary or long term. Also, have a good understanding of your other monthly obligations to ensure you are able to follow through with the solution your lender ultimately provides. When you speak to your lender, take notes, including the date of the call and the name or employee number of the person you speak with and write down what they say.
Some homeowners mistakenly believe that lenders want to foreclose on their homes. In reality, your lender would prefer that you pay your mortgage regularly and be a good long-term customer. Lenders lose money in the foreclosure process, so it is in their best interest to work with you to avoid foreclosure if at all possible.
Whatever you do, don’t walk away and don’t give up. Be persistent in working with your lender to find the solution that’s right for you.
What to Bring
Have these documents ready for the conversation with your lender:
Taking action early can help you stay in your home. Let us help you plan carefully before you make any decisions. Call the Take South Florida Information line now, at 211 or visit our list of Trusted Participants.