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Housing groups advise anyone at risk of foreclosure to contact the lender to try to arrange new loan terms, called "mortgage modifications" or "workouts."
FREE SERVICES
Acorn Housing Corp.: 651-203-0008; www.acornhousing.org
Minnesota Home Ownership Center: 651-659-9336; www.hocmn.org
Homeowners Help Line: 1-888-995-4673
HUD-Approved Counseling Agencies: www.startribune.com/a3367
Borrowers Workshops: Make a reservation by Oct. 1 at 612-337-9330.
In Minneapolis: 4:30 to 8 p.m., October 9, Urban League, 2100 Plymouth Av. N.
In St. Paul: 4:30 to 8 p.m. Oct. 10, Wilder Recreation Center, 958 Jessie St.
ON YOUR OWN
If you do it yourself, you'll need:
• Your loan number and records documenting your income, such as recent pay stubs and income tax returns.
• A list of your monthly expenses.
• An explanation, known as a "hardship letter," for why you have missed payments or expect to miss payments.
WHEN YOU CALL
• Ask for the "loss mitigation" department.
• Keep a record of all calls, including the date, time, person with whom you spoke, and everything that was discussed.
• Explain your situation, that you want to keep your mortgage current, and ask what modifications are available.
• Ask that any proposed workout be sent to you in writing before you agree to it.
• Don't agree to anything you can't afford. If in doubt, contact a housing counselor.
Sources: Chase; foreclosure prevention agencies
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