Delaware Department of Justice
Attorney General
Kathy Jennings

Fraud & Consumer Protection Division

What You Can Do

What To Do When You Don’t Know What To Do:

1. Take a deep breath and don’t panic!

2. Contact the servicer IMMEDIATELY and request a loan modification packet. This is the first step to getting help with your mortgage and it shows the servicer that you want to keep your home. The servicer would rather try to assist you with getting your mortgage current than to foreclose on your home. The sooner you take action, the more options that may be available to help you. DOING NOTHING IS NOT AN OPTION IF YOU WANT TO KEEP YOUR HOME!

3. Get your financial documents in order. Know where you stand financially and what you can realistically afford. Use the Foreclosure Intervention Counseling Client’s Checklist as a guide.

4. Contact a HUD-approved housing counselor. The counselors are experts in working with the services and know the process for applying for help. They will meet with you and walk you through possible options that you may have, what to expect from your servicer, and understanding the loan modification process. AND, their services are FREE! If you are currently in active foreclosure, a housing counselor will assist you through the mediation process as well.


Know Where Your Mortgage Stands:

How many months past due and what is the total dollar amount owed on the mortgage?

What are the terms of your mortgage? Fixed or adjustable interest rate? Balloon payment? Interest-only? 15 or 30-year mortgage?

Who is the investor on your mortgage? This entity may be different than your servicer or your original lender. If you are not sure, contact your servicer and ask.

Has legal action started? If the answer is yes, please click on Mandatory Mediation to see if this program applies to you.

Related Topics:  , , , , , ,