Foreclosures are what happens if your short sale fails

Information for homeowners facing foreclosure or having difficulty making their mortgage payments. This information and any links are either to the lenders or government agencies or recommended by the lenders.

GENERAL POINTS TO REMEMBER:
CONTACT YOUR LENDER. Call them before they call you. If they call you, you’ll be dealing with the collections department and that is not the department you need. You can find the contact information on your monthly mortgage statement or coupon book.
EVERY LENDER HAS A WORKOUT DEPARTMENT. If you are speaking to someone in collections, they may be unsympathetic (or worse). The collections departments job is to get whatever money they can from you. The workout department’s job is to avoid foreclosing on the property and potentially losing money. Call and specifically ask for the workout department.
For free, professional help from a legitimate non-profit organization, contact the Homeownership Preservation Foundation at 1-888-995-HOPE.

JUMP THROUGH THE HOOPS. The workout department is not going to simply say “Oh, you say you can’t pay. No problem.” Be prepared to provide personal financial information. Remember: You are asking to change the terms of a contract you agreed to and are bound by. The bank is not obligated to let you out of the contract. You should be proud that you’re doing what’s needed to solve the problem and that it will help the bank avoid a larger problem, but also realize that you are asking the bank to do something out of the ordinary to help you.

See you at the top because we will help get you there.