Rulon Washington
Rulon Washington

Considerations and tips to help retain homeownership amid challenging situations. 

Once the dream of homeownership has become reality, some may find themselves facing the challenge of staying in their home. Whether it’s unexpected medical bills, job loss, or changes in the market, there are resources available to assist families in the face of hardships.

How important is it to contact your mortgage company if you happen to run into financial challenges? 

Wells Fargo and other servicers engage with customers through emails, letters, and by phone to help address payment challenges. It is important that customers respond to this outreach or contact their servicers. Often, there are programs that might be available to help – but we can’t help homeowners unless they work with us.

What is the best advice you would give to someone who has fallen behind on their mortgage?

Please do not wait until the mortgage is severely past due. Call your mortgage servicer as soon as you know you cannot make your monthly payment. The phone number is listed on your monthly bill. Explain why you cannot make your monthly payment and ask the servicer for assistance.

What resources are available to help homeowners who are faced with payment challenges? 

In addition to some programs through your servicing provider, United States Department of Housing and Urban Development (HUD) certified housing counseling agencies are a trusted resource for homeowners who are looking for local assistance. If you need help dealing with broader financial challenges, reach out to a local HUD-approved, non-profit housing counseling agency for financial education, mortgage help services, and other free assistance. You can find a local, trusted HUD approved housing counseling agency at: http://www.hud.gov/counseling.

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