No matter what type of loan you have, contact your lender directly if you are worried about paying your mortgage. You don’t have to wait until you are delinquent on your mortgage, and calling before you’ve missed a payment will likely give you more mortgage relief options.
Here’s what you should have ready when you call your lender:
1. An estimate of your current income (and future income, if you anticipate that it may change).
2. An estimate of your current monthly expenses.
3. Your most recent mortgage statement.
4. Documentation of what caused your situation to change.
5. Beware of third parties offering mortgage assistance. Look for help from your lender, not from other organizations offering mortgage relief.
Also, Freddie Mac and Fannie Mae are allowing lenders to offer loan modifications typically reserved for homeowners who are victims of natural disasters. Contact your lender to understand your loan modification options. Depending on your employment outlook, a Flex Modification, which is offered by both GSEs, may be another option.
If you have an FHA loan or a VA loan, talk to your lender about loan modification options. Both agencies offer this type of mortgage assistance, but to date, neither has altered its usual programs specifically to assist homeowners impacted by the outbreak.
If you want to get advice about talking to your lender, find a HUD-approved financial counselor on the HUD website. These counselors offer no-cost assistance, and can help you feel better prepared to call your lender.
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