If you are having trouble paying your mortgage and need assistance, you are not alone. Lots of Americans just like you are suffering financial setbacks. Your mortgage lender has ways to help you reduce or suspend your payments until you get back on your feet. Don’t wait. The longer you put off contacting your lender, the further behind you will fall, making it harder to create a plan that works for you.

What to do:

  1. Add up your income and expenses. Look for ways to cut costs. If you can’t find enough to make your payment, decide how much you CAN afford to pay.
  2. Look for your lender’s contact information. It should be on your mortgage statement or in your mortgage payment book.
  3. Have this information ready: Mortgage loan number (account number); Other mortgage paperwork or notices you’ve received recently; Recent pay stubs; Latest tax return; Your list of expenses

Beware of criminals or scammers that charge big fees and promise to get results immediately. You may end up with nothing in the end. Don’t give up; seek assistance right away, even before you miss a payment. Lenders would rather receive partial payment than take possession of a home for which they must find a buyer. Government agencies and non-profit organizations stand ready to help.

Act quickly. Time is an important factor in resolving payment difficulties. Be wary of anyone who tells you not to contact your lender or seek help. Think about a “Plan B” if you can’t keep your home. The most important thing is to address the situation as soon as you have a problem, investigate the various options available regarding mortgage modifications and refinancing and seek help from reputable, qualified advisors.