Your lender does not want to foreclose on your home.
We know that working with your lender may not always be the easiest task. If you would like to try and work with your lender on a repayment strategy, the Minnesota Home Ownership Center recommends you follow a few simple steps. (For a print-ready version of this page, click HERE - Adobe Acrobat required).
Before you call:
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• Open and read your mail from your lender.
• Find the phone number to call on your mortgage statement or on a letter from your lender.
• Have your loan number ready.
• Be prepared to answer questions about why you have missed (or will miss) mortgage payments. They may ask you to provide this information in the form of a letter often called a “hardship letter”.
• Know how much money you have on hand to contribute to a workout agreement. If you don’t have any money saved, be prepared to explain when you will have money ready.
• Know how much your monthly household income and expenses are. They may do a financial assessment to determine what type of workout options may be available to you. You may be asked to provide documentation like pay stubs or income tax forms.
• Set aside enough time for the call. You may be placed on hold during your call – be patient.
• Have a pen and paper handy so you can take notes. |
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When You Call:
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• Write down the date and time of the call, who you talked to and what they told you.
• Ask to talk with the “Loss Mitigation” department; this is the department that can talk to you about possible workout options.
• Get a phone number for the person you talk to in the Loss Mitigation department so you can call that person back directly.
• Tell the lender about your situation and that you want to work with them to bring (keep) your mortgage current.
• Answer all the lender’s questions honestly, and be prepared to fax or mail any financial documentation they request as soon as possible.
• Ask them what types of workout options are available to you.
• Ask for any proposed workout plan to be sent to you in writing before you agree to it.
• Don’t agree to anything you cannot afford.
• If you have questions or want a second opinion, contact your Mortgage Support Advisor. |
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