How to Keep Your Home

When you start having financial trouble, you must remember to KEEP THE LINES OF COMMUNICATION OPEN!

• Open notices from your mortgage loan servicer and respond to them promptly.
• Contact your servicer immediately and ask for help. Your mortgage loan servicer is who you send your mortgage payment to every month. The name and contact number of your servicer is listed on your monthly mortgage statement or payment coupons.
• Contact the Kentucky Homeownership Protection Center to schedule a free session with an approved counselor.
• Make a list of monthly expenses and compare it to your income.
• Eliminate a monthly bill like your cell phone or cable television.
• Evaluate liquid assets that can be sold, like jewelry, investments or whole life insurance, which may help bring you up-to-date on mortgage payments.
• Do not sign anything unless you have a reputable attorney or counselor review the documents. Contact the Protection Center to find one in your area. Some businesses could be scams that appear legitimate. Avoid more problems by showing all documents and offers to your attorney or counselor FIRST.
• Stop buying unnecessary items. If you are 30 days past due, you will need money for the past due payment, as well as the current payment, late fees and interest. Loan servicers are not likely to work with homeowners who continue to purchase luxury items.
• If keeping your home is not an option, contact your mortgage servicer to ask for a person who can help you explore your options and minimize your loss without foreclosure. The Protection Center provides access to many counselors and attorneys to help you work with your servicer or to better understand how to avoid further problems at no cost to you.