1. Never throw away letters from your lender. Call or write the lender immediately if you miss a payment. Explain your situation and be prepared to provide them with financial information, such as monthly
income, and expenses, or the reason you were late. They may be able to help if you disclose all information.
2. Contact a HUD-approved housing counseling agency. Call 1-800-569-
4287 or TDD 1-800-877-8339 for the housing counseling agency nearest you. These agencies are valuable resources. They frequently have information on services and programs offered by Government agencies as well as private and community organizations. The housing counseling agency may also offer credit counseling. These services are usually free of charge.
3. If you bought your home with a Veterans Administration (VA)
guaranteed loan, call the VA office nearest you.
1. Special Forbearance. Your lender may be able to arrange a repayment plan, which would be based upon your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced an involuntary reduction in income or an increase in living expenses. You also must furnish information to your lender to show that you would be able to meet the requirements of the new payment plan. 2. Mortgage Modification. You may be able to refinance the debt and/or extend the term of your mortgage loan. This will help you catch up by possibly reducing the monthly payments to a more affordable level.
You may qualify if you have recovered from a financial problem but your net income is less than it was before the default (failure to pay). 3.Partial Claim. Your lender may be able to work with you to obtain an interest- free loan from HUD to bring your mortgage current.
You may qualify if:
1)your loan is at least 4 months delinquent, and no more than 12 months delinquent;
2) your mortgage is not in foreclosure
3) you are able to begin making full mortgage payments.
When your lender files a Partial Claim, the U.S. Department of Housing and Urban Development will pay your lender the amount necessary to bring your mortgage current.
4. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full. The Promissory Note is interest-free, and will be due if you sell or leave your property, or when your mortgage matures.
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