You might consider talking to a housing counselor when you are having financial problems paying your mortgage.
If you don’t feel comfortable talking with your lender, you should immediately contact a housing counseling agency and make an appointment with a counselor. Most FHA counselors are free or cost very little. A housing counselor can help you.
- Review your financial situation, determine what options are available to you, and negotiate with your lender
- Learn which of the various workout arrangements lenders consider that makes the most sense for you and your family based on your unique circumstances
- Call the lender with you or on your behalf to begin discussions of a workout plan
- Protect you from future credit problems before you get too far behind on mortgage payments
- Gives you information on services and programs in your area that provide financial, legal, medical or other assistance </ul><p>
A good housing counselor can help you create a monthly budget plan to ensure that you can meet all your monthly expenses, including your mortgage payment. Your personal financial plan will clearly show you how much money you have available to make your current mortgage payment. This analysis will help you and your lender determine whether a reduced or delayed payment schedule could help you, or to plan a course of action to stop foreclosure.
You can get the information you need to find a local housing counceling agency by visiting HUD Approved Housing Counseling Agencies
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