Keeping Your Home: Working with Lenders
As soon as you think you may fall behind on a payment:
- Call a nonprofit housing counselor, or call your lender/loan servicer directly
- When you speak to your counselor or lender, be honest. Explain whether your financial problems are temporary or long term.
- Have a good understanding of your other monthly obligations to ensure you are able to follow through with the solution your lender ultimately provides.
- When you speak to your lender, take notes, including the date of the call and the name or employee number of the person you speak with and write down what they say.
- Lenders lose money in the foreclosure process, so it is in their best interest to work with you to avoid foreclosure if at all possible.
A video series by
© 2010 Take Root Milwaukee. Take Root is a service mark of Freddie Mac.
The consumer information on TakeRootMilwaukee.org is used with permission from Freddie Mac. Freddie Mac offers extensive, regularly updated consumer information about buying and owning a home on its website, www.FreddieMac.com, in the “About Homeownership” section. Freddie Mac is not responsible for content errors or omissions on TakeRootMilwaukee.org.
The funding source of this activity is the Milwaukee Homeownership Consortium and Freddie Mac.