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Mortgages

I can’t pay my mortgage loan. What should I do?

If you can’t pay your mortgage, call your servicer right away. Your servicer may be willing to help you if you have missed a payment or are about to miss a payment. However, the further you fall behind in your payments, the harder it will be for you to work out an agreement with your servicer to help you stay in your home.

You can find the telephone number for your mortgage servicer in your monthly mortgage loan statement. If you don’t get a monthly mortgage statement, look in the mortgage loan coupon book your lender gave you. You can also search the Mortgage Electronic Registration Systems (MERS) or call them toll-free at 888-679-6377 to find the company that services your mortgage.

When you call, be prepared to explain:

  • Why you are unable to make your payment
  • Whether the problem is temporary or permanent
  • Details about your income, expenses and other assets like cash in the bank

If you can’t make your mortgage loan payment, in addition to talking to your servicer, talk to a housing counselor about your options. Call the CFPB at 1-855-411-CFPB (2372) to be connected to a U.S. Department of Housing and Urban Development (HUD)-approved housing counselor today.

If you are facing imminent foreclosure or have been served with legal papers, you may also need to consult an attorney. If you need help finding an attorney, you can view this list of legal aid services in your state, or you can find lawyer referrals in your county and state by visiting the American Bar Association website.

Tip: Use our checklist for more information on how to avoid foreclosure.


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