• Industry estimates find that half of all homeowners who lose their homes to foreclosure have
no contact with their loan servicers. Homeowners at risk of default or those who already are
behind on mortgage payments are advised to contact their servicer at the first sign of trouble.
Consumers should request to speak with someone in the home retention dept., and expect a
long wait time.
• When working on a loan modification, short-sale, or repayment plan, servicers likely will ask
the homeowner to explain the reasons they can no longer make their mortgage payments.
Borrowers should be honest and realistic. The servicer also will need to verify the borrower’s
current income, unemployment benefits (if any), household expenses, tax returns, property
taxes, hazard and flood insurance premiums, and condo or HOA dues