Don't ignore the problem, Speak Up!
- The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
- Do not ignore letters from your lender.
- If you don't pay your mortgage, foreclosure may occur. This means your lender can legally repossess your home.
- If your property is worth less than the total amount you owe, a deficiency judgment could be pursued, meaning you also would owe HUD money.
- Know what kind of mortgage you have. Look on the original mortgage documents or call your mortgage lender.
- You may have to pay expenses such as recording fees for a loan modification.
- Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if at all possible.