Call for help—it's the most important thing you can do. More than half of homeowners facing foreclosure did not call for help when they fell behind in their mortgage payments. Don't make a bad situation worse. Ignoring your situation won't make it go away. Take the steps provided in this sheet to protect your home, your family, and your credit rating. Notify the bank as soon as you know your payment will be late. Calling when you are 30 or 60 days late is better than calling when you are 120 days late. You still have some options. You must put your pride on hold if you're truly serious about stopping the foreclosure process. Remember that foreclosure is not in the best interest of lenders—lenders report that it costs up to $50,000 or almost half the loan balance each time they write off a foreclosure. Work it out. Depending on the situation, the lender may lower the interest rate, lower the borrower's monthly payment, or enter into a repayment agreement for missed payments. Avoid foreclosure rescue scams by calling a reputable nonprofit organization. The Homeowner's HOPE Hotline, available at, (888) 888-995-HOPE, is an independent, third-party resource that is part of a HUD-certified, not-for-profit network dedicated to helping homeowners. HOPE counselors are trained to set up a plan of action designed just for you and your situation. (Spanish speaking counselors are also available; llame español.) When you call HOPE for Homeowners, you won't be judged, you won't pay a dime, and most of all, you won't be disappointed. For immediate help and guidance, call 1-888-995-HOPE. < Back