If you’re one of the dozens of folks who have written to me over the past few weeks talking about how you’ve either missed a mortgage payment or are in danger of missing a payment, the first call you want to make is to your lender to work something out.

Here are some other important steps:

  • Call your lender. Ask for the Loan Modification Department. Open up any mail your lender sends you. Early letters may contain offers of how to resolve your problems.

  • Get help from HUD (Department of Housing and Urban Development). Call 800-569-4287 to find a free or low-cost housing counselor.

  • Don’t get caught in a foreclosure-prevention scam. No company can help you. You are the only one who can help yourself. Don’t sign any papers to “sell” your property unless you can also get rid of the mortgage. Don’t fall for this increasingly common scam.

Published: Aug 19, 2007