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Help! I Can’t Make My Mortgage Payment...

Every day thousands of people like you have trouble making the next mortgage payment. Though things may seem hopeless, help is available. But you need to take the first step! If you ignore the problem you may lose your home to foreclosure, possibly affecting your ability to qualify for credit or even to rent another home.

What Should I Do?
  1. Contact your lender right away. You can find a contact number on your mortgage statement. When you call, be prepared to explain:

    -  Why you are unable to make your payment.
    -  Whether the problem is temporary or not.
    -  Details about your income, expenses, and 
       other assets like cash in the bank.
  2. If you are uncomfortable talking to your lender, a HUD-approved housing counseling agency can help you understand your options. These services are free of charge.
  3. Open all the mail you receive from your lender. It contains valuable information about repayment options. Later mail may have important legal notices. Failing to read the mail will not be an excuse in foreclosure court!
  4. Look for ways to increase the amount you have available to make your mortgage payments. Can you cancel cable TV, pack lunches, or get a part-time job? While these actions may not replace all of your lost income, they send a strong message that you are serious about keeping your home.