Is your mortgage insured by Radian? We might be able to assist.
If you’ve fallen behind on your monthly mortgage payments and your mortgage is insured by Radian, please contact your mortgage servicer for information on the options that may be available to help you keep your home.
How Radian can help
Our goal is to educate you on the many programs your mortgage servicer can offer including several payment options. In certain situations, Radian may provide funds to make your payment more affordable.
How your mortgage servicer can help
Your mortgage servicer sends your monthly mortgage statements, applies the payments to your mortgage loan, collects past due payments and, if necessary, oversees the foreclosure process.
They want to resolve your default situation and are usually required to consider all reasonable options to make your monthly mortgage payment more affordable. Contact your servicer to discuss options available to you. Servicers have many assistance programs available that can be tailored for your specific situation—even if you no longer want to keep your home.
Why Foreclosure is a measure of last resort
Foreclosure is a lose-lose situation and should be avoided if at all possible, for the following reasons:
Defaulting on your mortgage will have a negative impact on your credit record, and may adversely affect your ability to borrow money for a long time.
Failing to resolve your default situation may result in legal action against you after the foreclosure is completed. You should make every effort to obtain a mortgage release of liability by finalizing a workout with your mortgage servicer.
A foreclosure may result in forgiven mortgage debt that is counted as taxable income. It may be in your best interest to avoid or minimize debt forgiveness by finalizing a workout with your mortgage servicer and avoiding a foreclosure. Talk to an accountant or tax professional for details about mortgage debt forgiveness.
Foreclosure sales are advertised via public notices in your local paper, which may disclose the property address and your name—information most people don’t want to see publicized.
The most important point is that you should be proactive – if you have fallen behind in your payments or face financial troubles in the near future, get help.