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What are my choices if I am unable to repay my home loan?

by Alex James
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Difficulty Paying My Mortgage Payments

Call your mortgage servicer as soon as possible if you are having trouble making your Difficulty Paying My Mortgage Payments or are concerned about missing one. In order to get free, qualified guidance on preventing foreclosure, you need also get in touch with a HUD-approved housing counseling service.

Call your mortgage servicer first.

On your monthly mortgage loan statement, you may locate the phone number for your mortgage servicer. Look at the mortgage loan coupon book your lender issued you if you don’t get a monthly mortgage statement. You may also search on the website of your mortgage servicer. For assistance if you are unsure about the identity of your mortgage servicer, get in touch with a HUD-approved housing counseling organization.

Be ready to explain the following when you contact your mortgage servicer:

  • The reason why you are unable to pay
  • Whether the issue is short-term or long-term
  • Information on your income, spending, and other assets like bank cash

If orders for a permanent change of station (PCS) have been sent to you and you are a military member. (It’s crucial to note this since your military relocation can make you eligible for loss mitigation alternatives.)

Numerous mortgage servicers provide programs to assist borrowers in avoiding foreclosure. Your mortgage servicer will assess your position and take into account any potential choices for you. You could be required to complete a mortgage aid application by the servicer. The servicer will inform you of any loss mitigation alternatives it will provide you with after reviewing the submitted application.

Make a call to a HUD-approved housing counseling organization next.

With the assistance of the Department of Housing and Urban Development

You may locate a support organization via (HUD).

The therapist can:

Examine your position to see whether you qualify for any programs or extra assistance.

Assist you in comprehending the loss mitigation choices that your servicer provides and which ones could be most suitable for you.

Help you with any additional programs and papers you may need, as well as the process of dealing with your servicer.

Help you with budgeting, credit card debt, or other financial issues that may be making it difficult for you to pay your mortgage, either at little or no cost.

You may acquire a list of HUD-approved housing counseling organizations in your region by utilizing the CFPB’s “Find a Counselor” feature.

You may also need to speak with a lawyer if you are about to go into foreclosure or have received legal documents.

What alternatives may there be?

Your service provider could provide alternatives like these.

  • Refinance
  • To modify your loan
  • Create a repayment strategy
  • Obtain patience
  • Sell your house quickly
  • Using a “deed-in-lieu of foreclosure,” return your house to your lender.

Be wary of scams

You may determine which of the various solutions could be the best for you with the aid of a HUD-approved housing counseling organization. No one will assist you escape foreclosure unless you pay them. You may get the assistance you need for nothing from your servicer or a HUD-approved housing counseling organization.

Scammers that work in the foreclosure industry may promise to prevent the foreclosure of your house when, in reality, they just want your money.

Pay attention to these red flags of a scam:

  • To get assistance, you must pay up ahead.
  • The business promises to adjust the conditions of your mortgage.
  • The business promises that you won’t lose your house.
  • You are asked to sign paperwork you don’t understand or the title to your house.
  • You have been told to submit your payment to a different recipient than your mortgage provider or servicer.
  • The business says it will conduct a “forensic audit.”
  • You’re instructed to cease making Difficulty Paying My Mortgage Payments.

The business claims to be associated with the government or has a logo that somewhat resembles a government emblem.

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