Things to Consider

Be prepared to answer the following questions:

• What is your loan account number?
• What caused you to miss your mortgage payment(s)?
• Do you have any documents to back up your explanation for falling behind?
• How have you tried to resolve the problem?
• Is your problem temporary, long-term or permanent?
• Do you see any changes in your situation do you see in the short term and in the long term?
• Are there other financial issues that may be stopping you from getting back on track with your mortgage?
• What would you like to see happen?
• Do you want to keep the home?
• What payment arrangement would be feasible for you?

What to expect:

• Expect to have more than one telephone conversation with your loan servicer.
• Your loan servicer will usually mail you a "loan workout" package containing information, forms and instructions.
• Complete the forms and return them quickly if you want to be considered for assistance.
• The completed package will be reviewed before the servicer is able to talk with you about a solution.
• If you do not hear back from the loan servicer in a reasonable amount of time after submitting the workout package (generally 7-10 days), contact your loan servicer again and continue to follow up.

What to do when working with your servicer:

• Keep notes of all your communications with the loan servicer including:
  • Date and time of contact
  • Nature of the contact (face-to-face, phone, e-mail, fax, or mail)
  • First and last name of the representative
  • The outcome
• If you make any oral request to your loan servicer, follow up with a letter reiterating the oral request.
• Send your letter by certified mail, return receipt requested, so you can document that the loan servicer received your correspondence.
• Keep copies of your letter and any enclosures.
• Meet all deadlines the loan servicer gives you.
• Stay in your home during the process because you may not qualify for certain types of assistance if you move out.
• If you do not hear back from the loan servicer in a reasonable amount of time after communicating with the company, contact him/her again.
• Continue to follow up.