As soon as you think you may fall behind on a payment, call a foreclosure counselor or call your lender directly (also known as the servicer or company where you send your mortgage payments). When you speak to your counselor or lender, be honest. Explain whether your financial problems are temporary or long term. Also, have a good understanding of your other monthly obligations to ensure you are able to follow through with the solution your lender ultimately provides.
Some homeowners mistakenly believe that lenders want to foreclose on their homes. In reality, your lender would prefer that you pay your mortgage regularly and be a good long-term customer. 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.
Whatever you do, don’t walk away and don’t give up. Along with Take Root Denver, your lender has access to many alternatives to foreclosure. Be persistent in working with your lender to find the solution that’s right for you.
Have these documents ready for the conversation with your lender:
In addition to your lender, Take Root Denver provides free and confidential assistance to help you stay in your home. For a list of counselors, please click here.
Protect your future! Taking action early can help you stay in your home. Let us help you plan carefully before you make any decisions. Call the Colorado Foreclosure Hotline now, toll-free at 1-877-601-HOPE.
Take Root Denver offers translation in multiple languages by utilizing Google's free translation service. While it's common to find some imperfections in Google translations, this service provides easy access to translation in several different languages at no expense to Take Root Denver.
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The consumer information on TakeRootDenver.com 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 TakeRootDenver.com.
The funding source of this activity is the City and County of Denver, Office of Economic Development with Neighborhood Stabilization Program funding, and Freddie Mac.