How to write a Hardship Letter.

Financial Counselors of America has constructed a program and developed its own internal division for resolving mortgage issues that pertain to:

• Preventing / Stopping Foreclosure
• Assist with Home Purchases or Refinance
• Bring delinquent payments current
• Down Payment Assistance
• Mortgage Modifications (Example: Adjustable Rate Mortgages (ARM's) modified into Fixed Rate Loans)
• And More!

FCA is comes highly recommended by HUD, THDA, BBB and Fannie Mae for mortgage counseling. You will receive the highest service available provided to you at a low cost. The mortgage specialist division of FCA has developed a system to ensure a quality of service not offered by anyother counseling firm in todays society

If you are behind in your mortgage payments, the thought of losing your home can be terrifying. Foreclosures are occurring at record rates all throughout the United States.

1. Don't ignore the problem.
   
   The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
   
   Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
   
   The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
   
   Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting Financial Counselors of America.
5. Understand foreclosure prevention options.
   
   Valuable information about foreclosure prevention (also called loss mitigation) options are available at by mail or email from Financial Counselors of America at no charge!
6. Contact a Financial Counselors of America.
   
   Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender. If you foresee a problem in the future or going through a financial hardship currently contact FCA immediately!
7. Prioritize your spending.
   
   After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
   
   Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies.
   
   You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment). Financial Counselors of America is a non-profit 501 (c)(3) organization funded to assist the needs of our clients and guide them through the process.
10. Don't lose your house to foreclosure recovery scams!
    
    If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a financial counselor.

Our counselors can help you establish a budget, set priorities, and determine the appropriate strategies to stop foreclosure and help you keep your property. FCA works side by side with numerous mortgage companies and banks to assist you in achieving your goal in keeping your home or just refinancing. Homeownership is the largest investments the average American makes in his or her entire life. Financial Counselors of America will help you protect that investment and your family.

If you have any questions pertaining to your mortgage or would like to sit down with a counselor for free consultation please call, 901-722-5000 or email our mortgage intervention specialist at
Jason@FinancialCounselors.org.

How to write a Hardship Letter.