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What To Do If You’re Missing Mortgage Payments

Thursday, September 2, 2021   /   by John Salkowski

What To Do If You’re Missing Mortgage Payments



If you’re behind on payments, we can help you avoid foreclosure.

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If you find yourself falling behind on mortgage payments, you still have options. If you have been negatively affected by COVID-19, losing your job, or even working from home, and you’re unable to keep up with mortgage payments, there are ways you can help fix the situation.

You need to reach out to me as soon as possible if you’re falling behind on payments. If you wait too long, the mortgage can start pre-foreclosure proceedings, and you don’t want that.
 


"You need to reach out to us so we can discuss this with your bank."



When you call me, we can discuss how far behind you are and why; what hardship have you had? We can take this information to your bank, mortgage company, or lender and let them know that you are having financial hardship. This puts them on notice and makes sure they don’t think you’re skipping the payments for no good reason. Doing this can keep them from starting those pre-foreclosure proceedings.

You could end up giving the house to the bank in something called a “deed in lieu” or have the bank take the property back through foreclosure. This would negatively affect your credit score for up to 10 years.

We can avoid these options by negotiating a short sale, which lets us sell the house for less than what is owed. This is the best option because it only hurts your credit score for two years.

Again, time is of the essence. Whether you’re behind by one month or 10 months, you need to reach out as soon as you can. Please get ahold of me through email or phone. It never costs you anything to speak to my team or me.


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