- Review your loan documents. After moving into your new house, review your loan documents, such as the Deed-of-Trust and Note, so you know how payments are credited and what your rights or responsibilities are if you miss mortgage payments.
- Create a budget. A mortgage payment is a major monthly expense. It is important to carefully evaluate your financial situation and create a budget. Find out where your money goes and how you are spending it.
- Make sure you pay your property taxes. If you do not pay your property taxes, your house may be subject to foreclosure. In Oregon, property taxes are due Nov. 15 each year, but can be paid in three installments: Nov. 15, Feb.15, and May 15.
- Avoid unnecessary liens on your house. You are responsible for all liens on your house. There cannot be any liens when you sell your house. Voluntary (mortgage loan) and involuntary (IRS for unpaid taxes) liens, as well as a mechanic’s lien (contractor not paid for work on the house), can be placed on your property.
- Notice when your loan is being sold or transferred. The loan servicer must send you notice in advance if your loan is sold, transferred, or assigned to another company. None of the original terms and conditions of your loan can be changed.
- Correct errors on your statement. If you see an error in your statement or other incorrect information related to the servicing of your loan, send a written request – preferably by certified mail – to the address provided. Describe specific errors or discrepancies you find.
- Understand loss-mitigation options. If the loan servicer offers options if you are at risk of foreclosure and your financial situation will not likely improve, you can submit an application for one of the available options.
For more information, see “Keeping your home.”