Where to Start

One of the biggest hurdles to overcome when you are having difficulties with your mortgage is knowing where to start, what you should do first. Here's an answer.

Step 1

If you are behind on your mortgage payments, or anticipate that you may not be able to continue making your mortgage payments, the first thing you should do is call your lender or loan servicer (the company you send your monthly mortgage payments to) to explain your situation and determine what options may be available to help you.

• A list of loan servicers licensed in New Hampshire - with their telephone numbers - is available on this site or by calling the New Hampshire Banking Department at 1-800-437-5991. You should also contact the Banking Department if your loan servicer cannot be reached or is being uncooperative.

NOTE: On March 4, 2009 the federal government announced a program that would allow qualifying home owners to refinance their mortgage loan or obtain a loan modification to help prevent families from losing their homes. For more information on the "Making Home Affordable" program, and to see if you qualify, go to the www.makinghomeaffordable.gov web site

If you are uneasy about contacting your loan servicer, or don't know how to discuss your situation with their representative, visit the "Talking to Your Lender" page on this site or contact a non-profit housing counselor. They can help you!

• A list, with contact information, for New Hampshire's housing counseling agencies is available on this site. You may also call the national HOPE Hotline at 1-888-995-HOPE (4673) for counseling and advice over the phone.

Use this web site as a tool to help educate yourself about how you can work to prevent foreclosure. There are a number of resources here to aid you.

If you are having problems paying your mortgage, these problems won't go away by themselves. It is up to you to take the first step in keeping your home. Don't wait! The longer you delay, the fewer options you will have and the more likely it will be that you will lose your home. Act now!

Step 2

Whether you talk with your loan servicer or a housing counselor, you will need some information ready to begin the discussion. Here's what you will need to get started.

• Fill out a personal profile intake form and a household budget form, which will assist your lender or the housing counselor in determining where you stand financially so that they know what options may apply in your case.
• Your latest mortgage statement or payment coupon.
• The mortgage documents you received both before and at the closing of your mortgage loan.
• All correspondence you have received from your mortgage lender regarding your loan.
• Copies of pay stubs for all the income earners in your household.

Step 3

Be realistic in your expectations.

There are many variables to be considered in each situation, such as whether your financial difficulties are short-term or long-term and how far behind you are in your mortgage payments.

Many families who act early and comply with any agreements reached with their loan servicer can successfully save their home from foreclosure. Unfortunately, the financial situation of other families may not allow for them to afford to remain in their home. There may come a time when you need to make some difficult decisions regarding your own situation and whether you can afford to remain in your home.

A new easy and interactive website from Fannie Mae, KnowYourOptions.com, can help walk you through your situation to find out what your options may be in trying to save your home.

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