Struggling with Your Mortgage? Take These Steps Now.

If you are falling behind on your mortgage, the first thing you should know is that you are not alone. There are free resources available to help you. Taking the following steps will help you determine your options, find support, and begin addressing your situation.

Photo credit: Colleen Lane, Flickr (Creative Commons)

Photo credit: Colleen Lane, Flickr (Creative Commons)

  1. Do not ignore the problem. The farther behind you fall on your payments, the more difficult it will be to bring your mortgage current and the fewer options you may have. If you receive mail from your servicer, do not throw it away or ignore it, as it can contain important information about upcoming legal actions as well as helpful foreclosure prevention information.
  2. Contact a housing counselor. Through HomeHelpNH, the state’s foreclosure prevention initiative, you can access a free, qualified, independent housing counselor near you. To be connected to a counselor, simply dial 2-1-1 toll-free (assistance is available 24 hours a day, 7 days a week) or fill out this online form (if your situation is urgent, it is recommend you call so you can receive immediate help). Counselors can assist with filling out paperwork, determining your time constraints, objectively assessing your needs, and informing you about available options.
  3. Beware of scams. There are people and companies that may offer to buy your house for cash, provide legal help at high cost, or offer “too good to be true” solutions. Beware of these offers. If you are unsure about an offer you receive, discuss with a housing counselor whether it is a legitimate option or just a scam.
  4. Prioritize your spending. Carefully review your finances, and identify areas where you can cut spending. Optional expenses, such as cable TV, entertainment, and memberships, should be eliminated so you can prioritize keeping your house and making your mortgage payment. You may even want to delay payments on things like credit cards or other unsecured debt until your mortgage is paid. Talk to a housing counselor about prioritizing debt payments and creating a short-term, emergency savings and spending plan.
  5. Take action. Taking steps like actively seeking housing counseling, reading your loan documents to familiarize yourself with your rights, asking questions, and carefully reviewing any documents you may need to sign is vital. Quick action can make a significant difference in what types of options may be available to help your situation.

For more information about foreclosure prevention and available resources, visit the HomeHelpNH website. If your situation is urgent and requires immediate help, dial 2-1-1 to find a housing counseling agency near you.

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2 Comments

  1. I really do need help who can help!

    Reply
    • Amanda Flitter

       /  July 21, 2014

      Lee,

      If you live in New Hampshire, you can dial 2-1-1 toll-free, 24 hours a day to speak to someone about finding a housing counselor near you. Housing counselors provide free services and are independent, qualified professionals who can help you determine your options if you are falling behind on your mortgage payments. We hope this information helps.

      Reply

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