Have you fallen behind on your mortgage payments or already in foreclosure? Consumer advocates, loan counselors and government housing officials support these recommendations about what to do:
1. First try to contact your loan servicer. Check the servicer's website to see what help is available for borrowers needing assistance.
2. Contact a mortgage help hotline, your state's department of housing and/or a HUD-approved mortgage loan counseling service.
3. Get a HUD-approved counseling service to take your case and work with your loan servicer to try and get it resolved without foreclosure. Avoid foreclosure services that charge you a fee. HUD-approved counseling agencies are generally free of charge.
4. Ask the counselor about the possibility of getting a loan modification — changing the terms of your existing loan to ones you can afford.
5. Attend a foreclosure prevention workshop event in your area to get additional information face-to-face.
A good source of reliable information can be found on the Department of Housing and Urban Development's (HUD) website.