If you are facing a potential foreclosure, help yourself by assembling the following, as suggested by the Federal Housing Administration.
1. Loan number and recent payment history.
2. A brief explanation of their circumstances. Are their financial problems temporary (for example, a cut in job hours or the illness of a family member) or permanent?
3. Recent income documentation, including pay stubs or tax returns.
4. A list of household expenses — utility bills, food, insurance.
5. A list of other debt obligations — credit cards, car loans.
Call your lender and ask for the 'Work Out' department. They will connect you to the department in charge of adjusting your loan terms, or approving a short sale.
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