We hope your home purchase is as affordable and stress-free as you planned. But if house payments are becoming unmanageable for you or someone you know, here are some things to keep in mind:
What if I can’t pay my mortgage?
Maybe you’ve had a change in your pay or your work hours. Maybe family or medical changes have led to higher expenses or less income. Whatever the reason, if you’re worried about making your mortgage payments—or if
you’re already behind—there are steps you can take to safeguard your most valuable asset:
- Know that you aren’t alone. Many, many people are facing this same situation, and PRG’s HUD-approved foreclosure counselors are here to give confidential, respectful guidance toward a solution.
- Act soon! The sooner you get help and take a realistic look at your options, the greater your likelihood of finding a solution that works.
- Call PRG at (612) 721-7556 to speak with a counselor.
While HUD-approved housing counseling agencies like PRG are here to help, some unscrupulous folks are out to make money off your misfortune. Be on the lookout for anyone who:
- Calls offering you buyback or lease-to-own options
- Charges a fee to help with a modification
- Asks you to stop paying your mortgage
- Tells you to pay them, instead of your bank
- Promises a guaranteed outcome
- Claims they can find loopholes to cancel your mortgage
- Asks you to sign binding contracts—including Power of Attorney—from sources other than your foreclosure counselor
These tips draw on information compiled by two organizations with which PRG is affiliated: Look Before You Leap and the Home Ownership Center of Minnesota.