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Foreclosure Prevention
Frequently Asked Questions

I am worried about foreclosure. Where can I turn for advice? What will it cost?

An experienced housing counselor can help you review your personal financial situation and plan for the future. Contact the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673). This hotline is staffed by HUD-approved credit counselors who can guide you through your options. You also can search for a HUD-approved housing counselor in your area. There is no charge for these counseling services. You do not need to pay a private company for counseling.

I have an adjustable-rate mortgage
that’s about to reset.
Can I refinance through Fannie Mae?

No. Fannie Mae does not offer loans directly to consumers. Contact your mortgage company to determine if you qualify for a refinance. If your loan is owned by Fannie Mae, ask your mortgage company if you are eligible for a Home Affordable Refinance. Find mortgage company contact information in your mortgage coupon book or monthly mortgage statement.

I'm not yet behind on my mortgage, but worry that I will be. What should I do?

You can discuss your situation with a housing counselor or your mortgage company. Talk with a counselor by calling the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673). Find contact information for your servicer in your mortgage coupon book or monthly mortgage statement.

If I'm delinquent with my mortgage payments, what options do I have?

Your mortgage company can help you understand the options available to you. Be sure to ask your mortgage company about all the financing options available to you. They may include:

  • Home Affordable Modification — in some cases, your mortgage company can change the terms of your mortgage loan to make the payment more affordable.

  • Forbearance — your mortgage company may let you pay a portion of your regular payment or no payment at all for a specific period. At the end of the forbearance period, you begin making regular payments as well as an additional amount to pay off the past-due amount.

  • Repayment Plan — you may be able to catch up on missed payments by creating a schedule for repaying the past-due amount.

  • HomeSaver Advance™ — if your missed payments are due to a temporary financial hardship, you may be eligible for an unsecured personal loan to help you get current with your payments.

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Center For Debt Management

Center For Debt Management

The Center For Debt Management

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