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CONTENTS

THIS GUIDE ONLY ADDRESSES MORTGAGE FORECLOSURE 6

WHAT ARE THE WARNING SIGNS OF FORECLOSURE? 6
Financial Warning Signs 6
Important Terminology 7
TOPIC 1: UNDERSTANDING MORTGAGE DELINQUENCY 8
Are You Falling Behind on Your Mortgage Payments? 8
Delinquency Cycle of a Mortgage Loan 9
Role of the Housing Counselor 15
Release of Authorization Letter 16
Finding a Housing Counseling Agency 17
TOPIC: UNDERSTANDING YOUR FINANCIAL SITUATION 18
Think About Your Situation 18
How to Write a Hardship Letter 19
What Is Your Income? 22
Budget Worksheet: Where is Your Money Going? 23
Creating a Financial Crisis Budget 24
What Are Your Assets? 25
Can You Afford to Keep Your Home? 26
TOPIC 3: KNOW YOUR MORTGAGE 27
Gather Your Loan Documents 27
What Kind(s) of Loan(s) Do You Have? 28
TOPIC 4: KNOW YOUR OPTIONS 29
Keeping or Not Keeping Your Home 29
Options to Keep Your Home 30
Mediation 32
What To Submit and Bring to Mediation 35
Mediation Toolkit 36
Options to Not Keep Your Home: How to Exit Gracefully 51
Types of Bankruptcy 53

TOPIC 5: BEWARE OF SCAMS – DON’T BE A VICTIM 54
Warning Signs 54
How Scams Work 55
Common Foreclosure Scams 56
TOPIC 6: REBUILDING AFTER FORECLOSURE 58
Steps to Rebuilding After a foreclosure 58
TOPIC 7: TOOLS FOR THE HOMEOWNER 61
How to Find & Contact Your Originating Lender or Current Servicer 61
Loan Servicer Telephone Numbers 62
Filing a Complaint 62
January 2020 | Page 4