Buying in a buyer's market

What is a housing counselor?

A HUD-approved housing counselor is an experienced, trained professional who can advise you on preventing foreclosure, buying a home, reverse mortgages, credit and other issues. The U.S. Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country and counseling is available in many languages.

Why work with a counselor?

A housing counselor can talk to you about your situation and help you decide what mortgage options are best for you, whether you are concerned about falling behind on your mortgage or are preparing to buy a home. There is no charge to work with a HUD-approved housing counselor — help is free!

If you have missed any home mortgage payments, are about to miss a payment due to hardship, or if your loan already has been referred to an attorney a HUD-approved housing counselor can help you assess your circumstances, identify your options and prepare you to talk with your mortgage company.

• A counselor will explain what documents you will need to provide to your mortgage company and may be able to contact the mortgage company on your behalf
• A housing counselor can also help you make a budget so that you can meet your monthly mortgage payment and other expenses
• The counselor will have information about local resources that may be helpful to you

Find a Counselor

The U.S. Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country and counseling is available in many languages.

Find a housing counselor on the HUD.gov Web site

Remember, there is no charge to work with a HUD-approved counseling agency—help is free!

Before You Call

Use this checklist to ensure you have all the information you will need when you speak to the servicer of your mortgage.

• Mortgage information, such as your monthly mortgage statement
• Information about a second mortgage or home equity line of credit
• Account balances and minimum monthly payments on all of your credit cards and any other debts such as student loans and car loans
• Most recent income tax return
• Amount of savings and other assets
• Monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources
• It may also be helpful to have a letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.), if applicable