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Board of Governors of the Federal Reserve System
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Current FAQs
Informing the public about the Federal Reserve

I'm having a problem paying my mortgage every month. What can I do to prevent foreclosure?

If you are unable to pay--or haven't paid--your mortgage, contact your lender or the company that collects your mortgage payment as soon as possible. Mortgage lenders may want to work with you on a payment solution, and you may have more options if you contact them early. Call the phone number or visit the website listed on your monthly mortgage statement or payment coupon book. Explain your financial situation and offer to work with your lender to find the right payment solution for you.

You may also contact the Homeowner's HOPE Hotline at 888-995-HOPE (888-995-4673) or a housing counseling agency. You can find a list of counseling resources at NeighborWorks Leaving the Board and on the U.S. Department of Housing and Urban Development's (HUD) website or by calling (800) 569-4287.

If you believe you were harmed by servicer error during the foreclosure review process, you may file a complaint directly with your servicer or with the servicer's regulatory agency. The Federal Reserve Consumer Help website is available to help consumers file complaints involving financial institutions and offers other valuable resources to consumers, such as tips for avoiding foreclosure scams. Visit Federal Reserve Consumer Help online, call toll free (888) 851-1920 from 8:00 a.m. to 6:00 p.m. CT, or write to Federal Reserve Consumer Help, PO Box 1200, Minneapolis, MN 55480.

 

Related Information

 
Last update: February 21, 2014