Foreclosure is confusing and scary. It can take just a few short months to fall behind on your mortgage payments and that can be enough to be thrown into the downward spiral of home foreclosure. The good news is that assistance is available to help keep you from losing your home. The Montgomery County Foreclosure Prevention and Assistance program has been created to help find solutions to these problems. What you should do:
- Seek assistance immediately. Call 211.
Be honest about your financial situation.
- Contact your lender.
Some foreclosures can be stopped if you communicate with your lender promptly.
- Beware of scams.
Solutions sounding too good to be true usually are.
- Don't sign anything you don't understand.
While not every home can be saved, we can help you explore many options to get back on track. Montgomery County is here to offer you potential lifesavers. Call now because your home and your family's financial future are at stake.
- What happens if I miss my mortgage payments?
Foreclosure may occur, but it doesn’t have to. You can take action to save your home.
- What should I do if I get behind in my mortgage payments?
It is never too late to get help. By seeking help early, there is a greater chance of success in avoiding foreclosure. As soon as you anticipate problems in paying your mortgage payment, contact your mortgage servicer to explain your current financial situation. Many servicers are willing to work with you if you contact them immediately because they understand that individuals and families can face a temporary job loss, serious illness, or other major life events that can impact their ability to pay their mortgage. Ask if you can participate in a "workout" resolution or obtain a loan modification. Be honest with the loss mitigation staff about your situation so they can help you choose the best option.
- What is a “workout” resolution?
Generally, a “workout” resolution involves resuming payments and arranging to pay the past-due amount over a short period of time. Sometimes, lenders will allow a "loan modification" which might lower your interest rate or extend the final due date of your loan — making your monthly payments lower.
- Where can I go to find help?
In addition to contacting your mortgage servicer, you can call HelpLink at 211, where skilled, trained staff are available 24 hours a day to handle calls received on the foreclosure hotline. Staff will assess each call and make referrals to the appropriate agencies. To find out more about your payment options, take action immediately by calling or writing to your mortgage servicer's Loss Mitigation Department to explain your situation.