Posted On 02 Jun 2020
I’ve missed a few mortgage payments, what will happen?
Your home may undergo the foreclosure process, but there are ways for you to prevent this from happening.
What should I do once I’m behind on my mortgage payments?
Don’t wait, get help early! By actively working to resolve the issue as soon as possible, you greatly increase your chances of avoiding the loss of your home through foreclosure. If you even see the possibility of missing a payment, contact your lender and explain your financial situation. This act of initial contact, before letters of delinquency arrive, will help your lender understand that you are facing issues that impede your payments, providing your lender an incentive to find a proper “work- out” resolution, or to begin modifications to your loan.
What is a “work-out” resolution?
Commonly, the term “work-out” resolution is an agreement where you continue making payments on your past due amount over a period of time, or a modification to your loan to lower your interest rate, or an extension loan period that will help lower your payments.
I am in the foreclosure process, should I stay in my home or leave?
You should contact your attorney to determine the best course of action. Abandoning your property may have severe negative consequences on your qualification for assistance.
Do you have any other advice?
Always be wary of potential scams. Any person or company offering a solution that sounds overly optimistic may be trying to take advantage of you during your time of financial troubles. Some warning signals of a scammer include anyone who charges a fee before any services are completed.