Act Now to Avoid Foreclosure

If you have fallen behind on your mortgage payments, or if your loan has been referred to an attorney, you may still have time to save your home. You should act quickly to avoid losing your home. The most important step you can take is to get help early from your mortgage lender, servicer, or housing counselor.


If you delay and fall further behind in your payments, you are likely to have fewer options. Finding a solution that avoids foreclosure is better for you and better for your mortgage lender. Foreclosure damages your credit rating and your ability to borrow money or buy a home in the future.

It is important to be open and honest about your financial situation with your servicer or counselor. Here are important steps to take immediately:

Cantact me with any questions regarding your Mortgage Anthony Landaeta tlandaeta@aol.com



Call your lender or loan servicer to talk about your situation. You can find the contact information on your monthly mortgage statement or coupon book.


If you can't reach your lender or servicer or you do not receive help, contact the Homeownership Preservation Foundation at 1-888-995-HOPE. Experienced counselors can help you develop the best plan for your personal financial situation. This counseling is free.


Gather the information you will need. You will be asked to provide:
letters or communications from your lender,

foreclosure notices,

recent mortgage statements showing your loan number,

homeowner's insurance policy,

last two pay stubs and most recent tax return for all borrowers named on the mortgage,

proof of other income, such as child support, alimony, Social Security, or pension,

bank account statements, and

list of major monthly bills, including child care, utilities, credit cards, and cell phone.


Understand your options. Depending on your situation, you may have several options to discuss with your servicer or counselor. They could include:

Repayment Plan--You may be able to catch up on missed payments by creating a schedule for repaying the past-due amount.

Modification--In some cases, mortgage loan terms can be changed on a temporary or permanent basis to make the payment more affordable.

Your financial situation may have changed significantly since you qualified for your home due to unemployment, divorce, job change/relocation, or medical issues. You may want or need to sell your home as a result of this change. There are options for borrowers who are worried about possible foreclosure:


Pre-foreclosure or Short-Sale--Servicers work with borrowers to sell their home and use the proceeds to pay off the loan even if the proceeds are not enough to settle the entire balance.

Deed-in-lieu--Borrowers sign over title to the property to Fannie Mae without the expense of foreclosure.

You have more options if you act quickly. Now is the time to ask for help!