Your lender uses your home as security for your mortgage payments. This means that if you do not make the payments, they can take your home. The process they use to take your home is called foreclosure.
If you are behind on your payments, it is important that you act quickly to prevent foreclosure.
What should I do if I am behind on my house payment?
Call your lender Most lenders do not want you to lose your home. Tell them why you are behind on your payments. Ask them to work with you to get your payments current.
Dont ignore letters from your lender Let them know youve received their letters and that you want to work with them.
How your lender can help
Your lender might accept a payment plan for the back payments or give you extra time to pay the loan.
What if my lender wont help?
You still have options:
Call another lender. Ask if they will give you a new loan to pay off your existing mortgage.
Sell your home. You might get enough money from the sale of your home to pay the loan off and even have money left over.
Talk to a lawyer. Ask if filing for bankruptcy can help you keep your home....
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