Questions and answers from Countrywide Home Loans:

Q: What happens if I'm facing tough times and can't pay my mortgage?

A:
* The first thing to know is that lenders understand that bad things happen-a major illness or family tragedy, getting laid off from work. Nearly everyone faces some sort of hardship at some point in their lives. So, you don't need to be afraid.

* Another thing to know is that lenders are eager to help you. First, because most lenders care about their customers. Second, because most lenders do not benefit-financially or otherwise-if a home eventually goes into foreclosure.

* The third thing to know is that your home is a large asset and you want to take an active role in protecting what's yours.

Q: So, what should I do if I can't pay?

A:
* The very first time you think you're going to have trouble sending in the mortgage payment, pick up the phone and call the lender.

o There is no reason to feel shame. Like I said, lenders understand that bad things happen.

* There is no reason to put off calling, either. In fact, waiting is like an ostrich putting its head in the sand.

o If the lender doesn't hear from you, as time goes by you'll get calls and letters and more calls and letters. This increases stress. Doesn't solve the problem. And makes it more likely you could lose your home.

Q: What good does calling my lender do if I can't pay?

A:
* Lenders have options to offer you. It depends on what kind of loan you have, which option they can offer.

* For example, the lender might be able to lower the monthly payment amount or even suspend it for awhile, until the borrower gets back on their feet.

* Another option is that the lender might be able to permanently change the loan to get it down to an amount that you can pay.

* The lender might even be able to advance you the money to bring loan payments up to date.

Q: Why go to all this trouble? If I'm having tough times I don't know whether I'll feel like it's worth it?

A:
* A home is probably the most valuable asset you have. You want to keep it, even if you are experiencing a tough time.

* A homeowner can sell a home and use the money from the sale to meet other goals. A homeowner may be able to use the value he or she has built in a home to send kids to college, open a business, or all sorts of things that build wealth.

* If you lose your home, you've lost the possibility of prospering from these major benefits of being a homeowner.

Q: Give me another good reason to try to work with my lender instead of walking away from a home I can't make payments on.

A:
* A foreclosure goes on your credit history, making it more difficult for you to buy a home in the future.

* And good credit is very important throughout your lifetime.

* Credit history may impact the amount you pay for all sorts of things-maybe higher car insurance premiums, higher rates on loans for cars and houses, and higher rates on credit cards. These days, some employers check credit history when you apply for a job.

Information about Countrywide Home Loans is found at the website: http://www.Countrywide.com. For the closest branch, call: 800-747-1871