Mortgage Late? Don’t Wait! - Financial Regulation

Help for Maryland Homeowners

If you are behind on your mortgage, act now

If your mortgage payment is late or you think it might be late, contact your mortgage servicer right away. Acting as soon as possible gives you more options to avoid foreclosure.

Your mortgage servicer is the company you send your mortgage payments to. It may not be the same company that gave you your loan, and your servicer can change over time.

Step 1: Contact your mortgage servicer

Find your servicer’s contact information on your monthly mortgage statement.
Tell your servicer if you are having trouble paying because of a financial hardship.
Ask your servicer to review your circumstances to determine whether you qualify for programs that may help you avoid foreclosure. This review is called a loss mitigation analysis.

Step 2: Stay in touch during the review

Open all mail from your servicer and check your voicemail and email often.
Respond quickly to requests for information.
Make sure your servicer has your current mailing address, email address, and phone number.

Important: If your servicer cannot reach you or you do not respond, it may move forward with foreclosure.

Step 3: Keep paying if you can

Do not skip payments if you can afford to pay your regular amount.
You do not need to miss payments to qualify for help.
Skipping payments can hurt your credit and limit your options.
If you can only make a partial payment, talk to your servicer first. Partial payments may not stop your loan from going into default.

Free help is available for Maryland homeowners

You can get free, trusted help from nonprofit housing counselors and legal services.

Call 1-877-462-7555 for a referral to a nonprofit housing counselor
Visit the Maryland Department of Housing and Community Development’s website, Hope for Homeowners, for Maryland’s free foreclosure-prevention resources.

Your rights as a mortgage borrower in Maryland

You have important rights, including the right to:

Get information from your servicer

Timely answers to your questions
A prompt response after you ask to be reviewed for foreclosure-prevention options
A copy of your payment history, if you request it

Tip: Keep notes of every call or message with your servicer, including dates and names.

Learn about all your options

Your servicer must tell you about available loss-mitigation options.
Ask questions if you do not understand the costs or terms.
If you disagree with a decision, ask if there is an appeals process.

Participate in foreclosure mediation

If your home is your primary residence and foreclosure papers are filed, you may request mediation.
Do not wait until mediation to contact your servicer.
Free or low-cost legal help may be available.

Learn more about foreclosure mediation at homeownerassistance.maryland.gov.

Beware of foreclosure-prevention scams

Scammers often target homeowners who are in distress. Protect yourself:

DO NOT pay anyone upfront to modify your loan.
DO NOT send payments to anyone other than your mortgage servicer.
DO NOT believe promises that someone can “save your home.”
DO contact the Office of Financial Regulation if you think you are a victim of fraud. Call 410-230-6077. Email [email protected].

Have questions or concerns?

For more mortgage and foreclosure information, visit our Foreclosure Help for Homeowners webpage.

Are you a veteran? Contact a VA loan technician at 877-827-3702 (TTY: 711) or visit the Maryland Department of Veterans and Military Families website.

If you have questions contact:

Maryland Office of Financial Regulation
Website: www.labor.maryland.gov/finance/consumers
Phone: 410-230-6077
Email: [email protected]