Information to Have Ready When You Call
Before you have any conversation with your lender (or loan servicer), prepare.
First, gather the following financial information:
- Your loan account number
- A brief description of your circumstances
- Recent income documents, such as
- Pay stubs
- Benefit statements from Social Security, Disability, Unemployment, Retirement, or Public Assistance
- If you are self-employed, have your tax returns or a year-to-date Profit & Loss Statement available for reference
- List of household expenses
Then, write down the answers to the following questions:
- What happened to make you 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? What changes in your situation do you see in the short term, and in the long term? What other financial issues 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 type of payment arrangement would be feasible for you?
Expect to have more than one phone conversation with your lender (or loan servicer).
Your lender (or loan servicer) will usually mail you a “loan workout” package.
- This package contains information, forms and instructions.
- If you want to be considered for assistance, you must complete the forms and return them to your lender quickly.
- The completed package will be reviewed before the lender talks about a solution with you.
- If you do not hear back from the lender (or loan servicer) in a reasonable amount of time after submitting the workout package (generally 7-10 days), contact your lender (or loan servicer) again. Continue to follow up.
Be sure to keep notes of all your communications with the lender (or loan servicer), including date and time of contact, the nature of the contact (face-to-face, by phone, email, fax or postal mail), the first and last name of the representative, and the outcome.
Also, follow up any oral requests you make with a letter to the lender (or loan servicer). Send your letter by certified mail, “return receipt requested,” so you can document what the lender (or loan servicer) received. Keep copies of your letter and any enclosures.
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the sooner help is available!