Missing Payments?

It is important to talk to your mortgage lender and tell them you're having difficulties. You may find they are open to revising your payments and/or extending the term of the loan, thereby reducing monthly repayments. Discuss your options with your lender as soon as possible. Then take action immediately. The longer you wait, hoping something will happen, the fewer options you will have. Lenders use foreclosure only as a very last resort. They make every attempt — within the confines of reasonable requirements — to develop an individualized solution that helps the borrowers get through a difficult time so they can stay in their homes. The key thing is not to stop making payments without warning - something that will really get your lender offside. If you find yourself seriously struggling to make loan repayments, do something about it sooner rather than later - definitely well before you miss a payment. The worst thing you can do is avoid the phone calls, letters and/or visits from your lender. There are many options. You can market your home as a short sale; get a mortgage modification agreement or even a deed in lieu of foreclosure. Communicate with your lender. Don’t try and ignore them because they won’t go away. And don’t lie to them. Be honest with them and they will help you work out the best solution.

Missing Mortgage Payments

Each year thousands of homeowners mortgage payments get behind because of job loss, divorce, illness etc. If you're reading this you know that once you fall behind on your payments the amount of money needed to catch up grows each month and it becomes harder and harder to do. Avoid foreclosure and losing your home with some tips during this period. First the most important thing is to take action as soon as possible. If your mortgage payment is behind is communicate with your mortgage lender. If you stick your head in the sand and allow yourself to miss payments, you lose one potentially valuable option: the ability to stay current by raising cash against your equity. Once your mortgage payment is behind, the mortgage lender can elect not to accept partial payments of the mortgage payments your are behind and outstanding. Borrowers who are current on their mortgage can stay current by borrowing against their equity. The best instrument for this is a HELOC, a credit line, which you can draw on as needed. Try to get money together as soon as possible to bring the mortgage payments current.You may try to refinance your mortgage to bring it current and and pay-off the lender.If you are unable to do a mortgage refinance to bring the mortgage payments current you should seriously consider selling the home before going to foreclosure. If you go through the foreclosure process that will stay on your credit report for 10 years and you will have difficulty buying a home for up to five years after the foreclosure.