Things You'll Need:
- Last bill received
- Mortgage company's telephone number
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Step 1
Determine how many days you are late. If you are past 15 days, you are going to get charged a fee. Call the mortgage company immediately. DO NOT WAIT!!
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Step 2
Ask your lender to give you an extension of your grace period BEFORE you are charged a fee. You may need to set up your payment for a specified date in order to have fees waived, as most lenders charge a "payment-by-phone" charge.
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Step 3
Most lenders will offer a waiver of fees for setting up an automatic payment for a future date. Knowing the payment is coming to them, they are less likely to call you for payment.
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Step 4
If your payment is going on 30 days or more late, call your lender. Let them know when you will be able to make a payment, set it up if you can. If you are struggling to make the payment, let them know!
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Step 5
Most lenders offer payment reduction programs (6-month programs) to reduce your payment for a while until you can regain income, change jobs, military duty, family emergencies, etc. Check with your lender to see if you qualify as early as possible if you know life-changing situations are on the horizon.
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Step 6
Once you are 90 days past due, your mortgage will be sent to foreclosure proceedings. Further fees and costs will be added, and your credit report will be jeopardized. This can impede your future credit transactions, home and business purchases.
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Step 7
With so many foreclosures on the market today, most lenders are willing to work with their customers up to a certain point. The more contact and honesty you have with your lender as early as possible, the better your situation may be.
