Talk to your lender: Persistence pays

By Jan Lindsey

If you are into instant gratification, you are probably not 

going to like calling your mortgage servicer when you are

in danger of missing a payment on your home.

“The servicers are very overwhelmed these days,” said Jim Eberle, vice president of communications for the American Bankers Association. “It is difficult to get through just because of the volume and I guess the only thing you can do, there, is to keep trying.”

Job loss, furloughs, pay cuts and adjusting mortgages have pushed a lot of Americans into financial difficulties, and those who own homes are likely to be reaching out for help.

If you can’t get the answers you need about the options available to you, you might want to try calling Hope Now at 888-995-HOPE (4673).  The hotline is staffed by HUD-approved, non-profit credit counselors who can discuss your options with you. Their goal is to help you avoid foreclosure and they can act as an intermediary between you and your lender or servicer.

If you have not been able to resolve your own problem, talking to someone who has an established relationship with your servicer and can do the initial legwork for them may speed the process, Eberle said.  There is no charge for Hope Now services. For more information, visit HopeNow.com.