What You Need To Know About Missed Mortgage Payments
Struggling with finances is hard enough, but when you also fall behind on your mortgage payments, the stress multiplies. Going into foreclosure is the consequence of defaulting on your home, but it doesn't have to happen to you!
We understand that your house is more than just a roof over your head, so if you're struggling with your monthly mortgage payments, we can help!
We have several home refinancing programs that could save your money and be just the thing to help make your home loan payments easier. Contact us for more details and continue reading to learn more about making up missed mortgage payments.
Make a bulk payment.
Do you have a tax return coming soon? Is there an opportunity for overtime or can you take a short-term side job? Take advantage of it! Making a bulk payment is the fastest way to catch up.
Talk to your current lender.
While every lender is different, you may be able to work-out a temporary repayment plan or another arrangement. There are no guarantees, and special conditions apply, however, it never hurts to ask. Remember that if your current lender cannot help you, we can! Contact us today to learn about your options.
Commit to the repayment plan.
Whether you work out a repayment plan with your current lender or you refinance with us, it's essential to keep up with your payment. Missing a payment with a repayment plan could cancel it.
Repayment may increase your monthly payment.
It's important to understand that your repayment plan will increase your monthly payment. For example, your current lender may ask you to pay an additional $200 a month for the next two years. If you are looking to lower your mortgage or think that you will not be able to keep up with this arrangement, refinancing may be a better option.
Remember to ask about interest and late fees.
Paying interest on your past due mortgage is expected, but sometimes the interest on will be higher than your original loan.Late fees may also apply to your repayment plan.
If you are struggling to make your monthly payments, don't wait until foreclosure proceeding start before taking action. Talk to your current lender about making temporary changes to your loan, or better yet, refinance into a lower monthly mortgage payment.
Being proactive about your finances is the best way to protect your homeownership. If you've already missed payments, talk to your current lender about a repayment plan or call us for more options!
We may be able to offer you a better rate, lower payment, or a more stable loan than a repayment plan.