Facing Foreclosure? Let’s Look at It Together.

If you’re worried about missing mortgage payments—or you’ve already fallen behind—you don’t have to figure everything out alone.

Foreclosure is a process, not a single moment. Depending on your circumstances, there may be steps you can take before a foreclosure sale occurs.

The most important thing is to understand where you are, what deadlines may apply, and what options may be available.

The CFPB recommends contacting your mortgage servicer as soon as you know you may have trouble making your payments. HUD-approved housing counselors can also provide free assistance. (Source: Consumer Financial Protection Bureau)

Step 1

Don’t Ignore the Mail

Open and review communications from your mortgage servicer.

You may receive information about:

• missed payments
• amounts due
• loss-mitigation options
• deadlines
• foreclosure proceedings
• documents the servicer needs from you

Keep copies of everything.

Step 2

Find Out Where You Stand

Before deciding what to do, gather the facts.

Consider:

• How many payments have been missed?
• Who is your current mortgage servicer?
• Have you received a formal notice?
• Has a foreclosure sale been scheduled?
• What is the current balance on the mortgage?
• Are there other liens or property-related debts?
• What is the property’s approximate current value?
• What do you want to happen?

That last question matters.

Your goal may be to:

• keep the home
• sell the home
• explore a different housing arrangement
• understand what options remain
• simply understand what’s happening before making a decision

Step 3

Talk to Your Mortgage Servicer

If you’re having difficulty making your mortgage payment, contact your servicer.

Depending on the loan and your circumstances, the servicer may evaluate you for loss mitigation options.

Those options can vary. They may include programs designed to help a borrower retain the home or, in some circumstances, transition out of the home.

The CFPB recommends applying for assistance as soon as possible and providing requested documentation promptly. (Source: Consumer Financial Protection Bureau)

A helpful question to ask:

“What loss-mitigation options may be available to me, and what do I need to provide to be evaluated?”

Step 4

Consider a HUD-Approved Housing Counselor

A HUD-approved housing counselor can help you understand your situation, work through available options, and communicate with your mortgage company.

HUD and CFPB identify housing counseling as an important resource for homeowners experiencing mortgage trouble. (Source: Consumer Financial Protection Bureau)

Important: Housing counseling assistance may be available at no cost. Be cautious of anyone promising a guaranteed foreclosure solution or charging large upfront fees for help that may be available elsewhere for free. (Source: Consumer Financial Protection Bureau)

Step 5

Understand Your Property Options

This is where Home Heroes enters the conversation.

We can help you understand the property side of the situation.

Depending on your circumstances, that may include exploring:

• DOOR ONE Pre-Foreclosure: Understand your options.
• DOOR TWO Post-Foreclosure: Explore what may still be possible.
• DOOR THREE Buying & Selling Options: Explore the path that fits your next chapter.

Home Heroes does not replace your mortgage servicer, attorney, tax professional, housing counselor or other qualified professional.

Sometimes our role is simply to help you understand who needs to sit at the table.