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Preparing to Talk with Your Lender


What You'll Learn

  • The more organized you are, the more productive your conversation will be
  • If you don’t have a monthly budget prepared, take the time to put one together now
  • Getting educated about workout options before reaching out can be very helpful

Being well organized and prepared will help your lender better understand your financial position and assess your qualification for workout options.  It will also result in a much more productive conversation.

Be prepared for more than one conversation with your lender.  They'll probably require you to complete a loan workout package, such as a Borrower Response Package if your loan is owned by Freddie Mac.  In many cases, your lender will not be able to provide help until they have your completed, signed documents, so it's important that you complete the required documentation as soon as possible.

Check out our infographic to learn how to prepare for a successful conversation with your lender.

Preparing for your conversation

  • Be sure to have your mortgage account information handy, including your lender's name and account number.
  • Be prepared to provide an explanation of why you are unable to pay your mortgage or why you anticipate trouble in the near future. Is there a loss or reduction in income? Is there a medical emergency? Are your issues short-term or long-term?
  • If you don't have a budget, now is the time to know exactly what you are spending each month. If you can, assemble your monthly budget and have it on hand.
  • You'll need to provide your lender with important information about your home, income, and all outstanding debt.  Be sure to have this documentation with you.


Be honest with your lender.  Different situations require different solutions, and your lender needs a clear picture of your financial situation to help as best as possible.

Questions to ask your lender:

  • How much time does it take to complete a workout?
  • What do I need to provide you with and when?
  • How will my credit be affected by a workout?
  • Will a foreclosure be put on hold while we're working on a workout solution?

Do your homework before reaching out and get a solid understanding all of your options – whether you are looking to stay in your home, leave your home or refinance if you are underwater.



Make copies of all documentation that you send to your lender. This will allow you to more easily answer any questions or address any issues should they arise during the workout process.


Key Takeaways

  1. It's important that you complete and return all paperwork your lender gives you as soon as possible

  2. You'll need have all documentation about your income, debt, and mortgage at your fingertips

  3. Don't be nervous or ashamed about your situation; be honest. Your lender wants to help you.

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