If you are a homeowner who is starting to experience financial difficulty, contact your lender. Do Not Avoid your lender. Although it may be embarrassing to discuss your money problems, it is best to discuss your situation with your lender before payments are too far in arrears. If you find that you are unable to make your mortgage payments, you may qualify for one of several loan workout options. But you must check with your lender to find out which of these options may be available. The further behind you fall in payments, the fewer options will be available to you.
In general, lenders do not want to foreclosure on homeowners. The foreclosure process is an expense that lenders would much rather not incur. Lenders would much rather work with you to work out a solution to help you keep your home. Lenders are required by mortgage insurers, HUD/FHA, Freddie Mac and Fannie Mae to work with homeowners who are facing money problems. Counseling is also available. Free Counseling is provided by HUD Approved Counselors who will work with you and your lender in an attempt to avoid foreclosure.
In Orange County, NY, the organization below is listed as a HUD Approved Counselor:
ORANGE COUNTY RURAL DEVELOPMENT ADVISORY CORP
3136 Route 207 Professional Bldg
PO Box 7322 Campbell Hall, New York 10916
Phone: 845-291-7300 Fax: 845-291-7322