Missing a Mortgage Payment: Getting Back on TrackBy Karen Lawson
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A mortgage can have a term of thirty years or more. It's not unrealistic to expect occasional financial challenges over a period of years, but you've never missed a mortgage payment until now. You're embarrassed, but you need to contact your lender as soon as you know your mortgage payment will be late.
Understanding Mortgage DefaultYour mortgage loan is secured by your home. If you cannot pay for your home, the worst case scenario is foreclosure, which is the process by which your lender takes possession of your property and sells it to recover the balance of your mortgage and associated costs. Don't worry, your lender can work with you to help you repay your past due payment. The key here is "payment," and not "payments." If you wait to contact your lender once two payments are past due, there may be fewer options available, and you will have more difficulty catching up.
Getting Caught Up, and Avoiding Future ProblemsYour mortgage company will appreciate your honesty, and any specific promise you can make to repay. This includes how much you can pay on a specific date or dates. Your lender may suggest these options:
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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