If you are a borrower unable to afford your mortgage payments and who wishes to avoid foreclosure, there are options that may be available to you, including a temporary hiatus in making your mortgage payments, a reduction in your payment rate, or a temporary reduction in your interest rate. As a public service and in response to State law, we present the following information to assist those who wish to explore available options:

Availability of financial documents. Borrowers should collect and be prepared to present financial documents to the lender's agent when discussing options for avoiding foreclosure. These documents include: a copy of your current financial statement (Form 1003 would suffice to meet the definition of 'current financial statement'); a copy of your current mortgage statement with respect to any senior mortgages; a copy of your three most recent payroll stubs (if any); and copies of your most recent (three months) bank statements.

Discussion with our staff. If you would like to discuss your options for avoiding foreclosure, please call either Greg Gilbert or Robert Gould at 650/327.7137 or, toll-free, at 1-877/246.3656 during business hours.

Counseling from HUD. The Department of Housing and Urban Development (HUD) maintains a directory of HUD-certified agents who may be able to assist you in exploring options to avoid foreclosure. The HUD toll-free number is 1-800/569.4287 during East Coast business hours.

  

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