Foreclosure Prevention

What to Do

• Do contact your lender as soon as you realize that you have a problem. Regardless of what you might think, lenders do not want your house. They may have options to help borrowers through difficult financial times.
• Do open and respond to all mail from your lender. The first notices that you will receive will offer good information about foreclosure prevention options that can help you weather financial problems. This may be followed by important notices of pending legal action. Please note that your failure to open the mail is no excuse to delay foreclosure proceedings.
• Do some research. Find your loan documents and understand what your lender may do if you cannot make your payments. Learn about lender foreclosure laws and timeframes. Contact a HUD Approved housing counselor.
• Do avoid foreclosure prevention companies. Before you pay for foreclosure prevention help, contact your lender or a HUD-approved housing counselor that will provide free information and assistance if you contact them.