Difficult situations
Behind on your mortgage? Start with these conversations
When mortgage payments become hard to manage, get reliable help early and understand your options before committing to a sale.
Talk with your mortgage servicer
The CFPB recommends contacting your servicer when you cannot make your payment. Explain the problem and ask which assistance options may be available for your loan. Keep a record of the conversation.
Find independent help
A HUD-approved housing counselor can help you understand mortgage options and work with your mortgage company. The CFPB provides a counselor directory and mortgage help resources.
Keep the deadline visible
Gather notices and ask an appropriate adviser to explain them. An inquiry to a buyer does not stop a sale or change a legal deadline. Avoid anyone promising a guaranteed foreclosure rescue.
Evaluate selling separately
If you want to sell, obtain current payoff information and ask escrow about the proposed timeline and net proceeds. Compare a sale with any available options for keeping the home.
Prepare for the first call
Have the most recent statement and any notices in front of you. Write down what changed in your budget and whether you expect the problem to be temporary. Ask the servicer which options may be available for your loan and what documents are needed. Take notes on whom you spoke with, the date and the next step.
Keep assistance and a sale separate
Mortgage assistance is a conversation about your loan and possible ways to keep the home. An inquiry to a cash buyer is a conversation about a possible property sale. Neither should be treated as a substitute for the other. When you have received legal papers or a sale date is close, bring those documents to an appropriate adviser.
Know what a sale would leave
Before comparing a sale with keeping the home, obtain current payoff information and a written estimate of selling expenses. Include other claims that escrow identifies. A purchase price is not automatically the amount available to you after closing. Avoid a promise that simply says cash without explaining the agreement, funding, title work and dates.