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Take Action NOW!
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1. Contact your Lender
Lenders do not want to take your home! Contact your lender as soon as you
realize you have a financial challenge that might delay your mortgage payment.
Open and respond quickly to all mail from your lender or their agents. Delay
will reduce the options lenders may make available to you.
Learn about the approaches lenders use to help borrowers
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2. Meet with a Nonprofit Housing Counselor
Free and confidential foreclosure prevention assistance is available from
Maryland’s HOPE network of nonprofit organizations
Maryland’s housing counselors can help you with options for reducing your
mortgage burden and can help you communicate with your lender.
Come to your housing counseling appointment prepared for progress!
If you cannot get a timely appointment or cannot travel to a counselor’s
office, a free telephone non profit counseling option is available 24/7 from
the national HOPE hotline,
1-888-995-HOPE
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3. Try to refinance to a more affordable
mortgage
The Maryland Department of Housing and Community Development (DHCD) has safe
and affordable financial options. HOPE nonprofit
housing counseling partners can help you review your eligibility.
DHCD’s Lifeline Refinance Program
is aimed at homeowners who are not behind on their payments but who are facing
an interest rate increase.
DHCD’s Homesaver Refinance is
a program for homeowners who have missed a few payments but who can afford to
sustain a reasonable mortgage payment.
DHCD Bridge to HOPE Program is an emergency 0% loan
assistance to help homeowners catch up on payments while they work out a
solution with their counselor and lender to stay in their home.
Also, FHA Secure is a HUD refinancing program
which you can learn about by calling 1-800-CALL-FHA (1-800-225-5342)
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4. Avoid foreclosure “rescue” scams
FREE and objective assistance from a nonprofit housing counselor and your
lender is available!
Don’t sign any legal documents without first getting objective legal advice.
Learn about common
predatory real estate practices so that you can avoid them.
If you feel you have been the victim of a scam or a predatory practice, report
this to Maryland’s Department of Labor,
Licensing & Regulation, 1-888-784-0136
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5. Prioritize your spending and SAVE
money
Review your finances and cut spending where you can. Look especially at
variable expenses like entertainment, clothing, and memberships.
Do you have assets you can sell? Can anyone in your household work more hours
for additional income? Efforts such as these are important to demonstrate to
your lender that you are willing to make sacrifices to keep your home. Learn
more about budgeting and savings
strategies
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6. If foreclosure is unavoidable
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There are other supportive services in your area, such as United Way’s 211 /
First Call for Help by calling 1-800-492-0618, or, in most regions, 211
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If you need to locate rental housing, see DHCD’s
housing locator service or call 1-877-428-8844
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