If you take action now, you improve your chances of working out your situation with your mortgage lender or loan servicer. For example, depending on your situation, you may be able to incorporate missed or late payments into future payments, re-work the terms of your loan, or refinance into a different loan with payments you can more readily handle. The important thing is to take action immediately.

Help is Available

Many homeowners are struggling to keep up with their payments, especially those with adjustable-rate loans that reset to a higher rate and those whose job or family situation has changed. Free information and counseling are available to help you.

Call the Homeownership Preservation Foundation at 1-888-995-HOPE to talk with an experienced counselor or visit the Foundation website at www.995hope.org.

Fannie Mae's Role

Fannie Mae is committed to helping keep people in their homes. We don't make mortgages directly but provide funding that supports mortgage lenders. We work with those lenders and with loan servicers to help borrowers modify or refinance their loans. In 2007, Fannie Mae and our lenders and servicers helped more than 100,000 homeowners modify or refinance their loans and stay in their homes. We also support the counseling efforts of HOPE NOW, NeighborWorks America and the Homeownership Preservation Foundation.

If Fannie Mae purchased your loan from your lender, but you are unable to reach your loan servicer, you can call us at 1-800-7FANNIE (1-800-732-6643).

Protect your home, your credit and your financial future. If you've missed even one payment, or face the possibility of falling behind, please -- ACT NOW. - Source: Release by Fannie Mae