A survey by Freddi Mac concluded that a full two thirds of home borrowers were unaware of workout options if they became unable to pay their mortgage. These options include forbearance, which temporarily delays or reduces payments, and loan modifications, which can restructure the payment terms for a fixed period. Many servicers typically describe these options in their collection letters. However, it is up to borrowers to follow-up with their servicers to learn more about these options. So, it's important to pick up the phone and communicate with your lender about all the options.

Borrowers can find a comprehensive description of workout options at the Avoiding Foreclosure page of the Freddie Mac website.

In addition, you can get free counselling through the Homeownership Preservation Foundation.  The help they offer is free.

In addition, the Internal Revenue Service has just added information to their site for homeowners facing foreclosure or a short sale.  Please go to IRS.gov

Contact me today for more information!