At HPF, our main goal is to help homeowners who are struggling with their mortgage payments to avoid foreclosure, and we’re quite proud of our track record. Indeed, more than 70% of our callers report that they are still in their homes a year after making the call to us seeking advice and help.
If you are in foreclosure, know that you are not alone and that help is available. It’s never too late. You just need to ask for it.
And while it may feel at times like your lender is not willing to work with you, recognize that it’s not in their interest to put you through the foreclosure process. Mortgage companies are in the business of providing mortgages – not owning or selling homes – and would prefer to see you remain in your home. One estimate suggests that it costs the lender $58,000 when a foreclosure occurs.
The housing counselors staffing the Homeowner’s HOPE Hotline can help you to prioritize your mortgage obligations and manage your total debt so that you can preserve your stake in homeownership whenever possible. They can act as a liaison between you and your lender, and work with both parties to try to find a sustainable solution.
However, staying in the home may not be the right outcome for everybody. If a loan modification arrangement is not a sustainable solution, then continued efforts to postpone the inevitable can be counterproductive. Our counselors are trained to determine the right course of action, given the caller’s circumstances.
Click here for more information about the foreclosure process.