Homeowner Checklist for Avoiding Foreclosure - After Falling Behind

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After Falling Behind

Identify the Problem

• What caused your current situation (job loss, illness, divorce, decreased income)
• How long do you expect your difficulty to last
• What specific type of help do you need
• How much can you afford to pay toward your mortgage

Communicate

• Speak with your bank’s delinquent loan or loss mitigation specialist
• Explain your situation
• Ask for a mortgage workout package
• Keep a phone log that shows the date and time of your call, who you spoke to, the person’s phone number and what was said
• Follow up your phone call with a letter and keep a copy for yourself
• Send all letters by certified mail and keep the receipt

Pay What You Can and Save the Rest

• Send to the bank as much of the mortgage payment as possible
• If the bank returns your payment, save the money – do not spend it on other bills

Know Your Options

• There are many ways the bank can help you if you fall behind on your mortgage. Which one you choose/need and what the bank allows will depend on your individual situation.

Now that you have read about Homeowner Checklist for Avoiding Foreclosure, may we suggest that you take the next step and check out Foreclosure Options. It is important to us that we are able to help people as they recover and prosper after job loss, so please contact us with suggestions, corrections, and even your personal experiences. If you found this article or video to be helpful, we'd love for you to share it with a friend. Also, be sure to check out all of the amazing resources for your career transition in the ILostMyJob.com Book Store!

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