The most common form of financing when you buy a home is a “secured mortgage.” In a secured mortgage, typically the house is the “security.” This means that if you do not pay your mortgage payment, the lender can use a legal process to take the house from you. The lender will then sell the house to try and recover the money they loaned you. This process is called “foreclosure.”
If you are struggling to keep up with your mortgage payments, take action. Call the Maine Bureau of Consumer Credit Protection’s Foreclosure Prevention Hotline at: 1-888-664-2569 to get free advice and help you can trust.
You should also call an attorney for help. The attorneys at Legal Services for the Elderly might be able to help you work out a deal with your mortgage servicer or help you through the foreclosure process. Call the Legal Services for the Elderly Helpline at 1-800-750-5353 to talk to an attorney for free.