Foreclosure Prevention

It can feel devastating to fall behind on your mortgage. The fear of losing your home is made worse by not understanding the process and your options.
If your financial circumstances change and you think you’ll no longer be able to make your payments, or if you’ve already fallen behind, the sooner you take action, the better off you’ll be. Reach out to our HUD-certified housing counselors to understand your situation and assess your options.

Typically, mortgage servicers want to help you keep your home. You can talk through the options with your counselor and learn the steps to put them in place. In order to keep your home, you may have the option to:

• Reinstate your loan
• Request financial assistance
• Modify your payments
• Refinance your mortgage
• Apply for a forebearance

In some cases, it’s not realistic to continue in the home. Some people may choose to sell. Others may find that’s not an option and for them, there may be benefits as well as consequences to letting the home go back to the lender. Our counselors will work with you on understanding what defaulting on your mortgage will mean for your financial and credit standing and help with an action plan to recover from this financial loss.