Tips to keep your home
Don’t be afraid to communicate!
- Don’t ignore notices you receive in the mail.
- As soon as you suspect that you might be having difficulty making payments, as your mortgage holder for help.
- Call 2-1-1 to locate a housing counseling agency that may be able to help you avoid foreclosure as well as provide other references for basic needs or services.
- If you think that you may not be able to keep your home, then contact your mortgage lender and ask for the loss mitigation department.
Closely examine your finances
- Compare your monthly spending to your monthly income. Make note of any deficit that you need to manage.
- Get an accounting of any assets you have that may help bring your mortgage payment up to date.
- Consider canceling those services that are not essential to assist with making payments.
Working with a Loss Mitigation representative
- Keep track of every time you contact the loss mitigation department or they contact you. Take notes!
- Be proactive; don’t wait for them to contact you if you haven’t heard anything, check every week or so.
- Be sure to locate pay stubs or other income verification, W-2 forms for the previous year and have an idea of your budget to present upon request.
Source: Michigan State Housing Development Authority. Stages of foreclosure. Retrieved January 30, 2008, from http://www.michigan.gov/mshda/0,1607,7-141-45866_47905-177816--,00.html