What Happens If I Miss a Mortgage Payment?
When a mortgage payment is missed, the best thing to do is to keep an open line of communication with the lender, as the missed payment can often be negotiated over a several-month period. Call the bank or lender as soon as a payment is missed with tips from a mortgage broker in this free video on mortgage loans.
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Hi this is Matt McKillen with Innovative Financial Group. I had a very serious question posed to me today, what happens if I miss a mortgage payment on my home? Well first off, if you do miss a mortgage payment on your home, the most important thing that I can convey to you is that get in touch with your bank or your lender, let them know what's going on. Let's face it, the economy is going through some tough times right now in the United States even going into 2009. There's a lot of people struggling, people are getting laid off and the banks are more willing to work with people that are falling behind on their mortgage to help them get current. The worst thing that you can possibly do is not return the calls to your bank, avoid their phone calls, their letters. The best thing to do is keep an open line of communication, sometimes what they'll do is they'll allow you to make up that late payment spread out over a couple of months. They may say just OK, starting next month make one and a half payments or maybe one and a quarter payments and spread it out over four months. But the important thing to do is if you do miss a mortgage payment, you're not going to go into foreclosure, as long as you're working with your bank and your lender, dealing with their collections department, usually they will work with you to resolve the issue so that you can get your loan back on track. Again my name is Matt McKillen, I'm with Innovative Financial Group.