How To Deal With Foreclosure Once It Has Begun

Q. My lender has begun foreclosure on my home because I have not been able to make a mortgage payment in several months. Is there anything I can still do to save my home?

A. Even if your lender has begun the foreclosure process, you may still have options that can help you keep your home. First, call your lender immediately and ask for the Loan Mitigation department. Tell them your situation and ask if you may be eligible for a loan modification. If so, follow your lender's instructions on how to apply and what forms and information you need to submit.

Q. Is there anyone else I can call to get more information about my options?

While keeping communication lines open with your mortgage lender, you can also call a non-profit Housing Counseling provider, such as InCharge Housing Counseling. InCharge offers housing counseling to homeowners in financial crisis, in the state of Florida. Call us toll-free at 1-866-326-4368 or click here for more information.

If your mortgage loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Only loans owned or guaranteed by Fannie Mae or Freddie Mac are eligible. Your mortgage company can tell you who owns your loan, or you can contact Fannie Mae and Freddie Mac directly by clicking on the links below and completing the forms for each company.

Fannie Mae

1-800-7FANNIE (8am to 8pm EST)

Fannie Mae Loan Lookup

Freddie Mac

1-800-FREDDIE (8am to 8pm EST)

Freddie Mac Loan Lookup

Get the facts - Save your home.

Facing foreclosure? Learn what you can do to keep your home from InCharge, a nonprofit organization approved by the US Department of Housing and Urban Development (HUD). Our certified housing counselors will:

• Examine your current financial situation & cause of mortgage delinquency
• Explain available options to help you meet lender obligations
• Show you how to avoid potential scams that target distressed homeowners

Don't be taken advantage of. Call InCharge Debt Solutions today to learn the facts and your options in your free counseling session--click here to for more information.