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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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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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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 product designed 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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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 the
Maryland’s
Department of Labor, Licensing & Regulation, 1-888-784-0136
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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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If foreclosure is unavoidable
- There are other supportive services in your area, such as the United Way’s 211 / First
Call for Help which can be reached by calling 1-800-492-0618, or, in most regions, 211
- If you need to locate rental housing, see
DHCD’s housing locator service or call 1-877-428-8844
- Go to
http://www.problemsolver.maryland.gov for information on housing,health,employment,
utilities,transportation and other assistance from the State of Maryland.