Getting Help When You Can't Meet Your Mortgage PaymentBy Karen Lawson
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You've never made a late mortgage payment until recently. Everything is costing more, and it's hard to keep up. Add a family emergency or two, and you might find that you can't make your mortgage payment on time. If this happens to you, take steps immediately to resolve the situation. The most important thing to remember is that your lender would prefer to work with you than have your mortgage go into default.
Late Mortgage Payments: Forget What You've Seen on TVWe've all seen the stereotypical bad guy who ties a young woman to the train tracks because her father couldn't pay his mortgage. There is nothing pleasant about financial problems, but your lender would prefer to work with you to achieve repayment than foreclose your mortgage and take ownership of your home. Mortgage lenders lose money on foreclosures, and would rather help you work out a repayment plan.
Know Your Financial Situation, and Suggest a SolutionIn order to determine a course of action, you'll need to do the following:
About the Author
Karen Lawson has more than fifteen years of experience in mortgage banking, and holds a Master's Degree in English from the University of Nevada, Reno.
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