Saturday, January 19, 2008
Catching Up At Home
If you're a homeowner who's falling behind on your mortgage payments, please -- ACT NOW! Here's what Fannie Mae recommends:
Call your lender or loan servicer today. The telephone number is listed on your mortgage bill and on the year-end tax statement you receive from your lender.
If you take action now, you improve your chances of working out your situation with your mortgage lender or loan servicer. For example, depending on your situation, you may be able to incorporate missed or late payments into future payments, re-work the terms of your loan, or refinance into a different loan with payments you can more readily handle. The important thing is to take action immediately.
Help is Available
Many homeowners are struggling to keep up with their payments, especially those with adjustable-rate loans that reset to a higher rate and those whose job or family situation has changed. Free information and counseling are available to help you.
Call the Homeownership Preservation Foundation at 1-888-995-HOPE to talk with an experienced counselor or visit the Foundation website at www.995hope.org.