What to Do if You Can’t Pay Your Mortgage
If you’re unable to make your mortgage payment one month it’s not the end of the world.
The best thing you can do is to contact your mortgage company as soon as possible. If you’ve been a good customer they should be more than willing to help you. If you allow your mortgage to fall further behind they will be a lot less likely to help you out.
How to Contact Your Mortgage Company
Hopefully you will have a recent loan statement from your mortgage handy. This will contain the name and phone number of your mortgage company. If you don’t receive monthly statements, or don’t have one on hand, you can also check the coupon book your lender gave you to make payments.
If you still can’t find your mortgage company’s contact information you can use the Mortgage Electronic Registration System (MERS) to search for it. You can find MERS online or by calling toll-free 888-679-6377.
Your Conversation with the Mortgage Company
You don’t need to be intimidated when contacting the mortgage company. They are willing to work with people to keep their loans in good standing. They want to collect their money just as much as you want to stay in your home.
There are a few things you will need to be prepared to explain to them such as:
- Why you’re unable to make a payment at this time
- Whether you’ll be able to continue making payments regularly in the future
- Information about your income and other expenses
- Any assets you may have or the money in your bank accounts
The more information you can give them the more likely they will be to work with you on your mortgage payments. Remember, it’s important to deal with your financial obligations head on. The more you avoid them the worse they will get.
What Else You Can Do
If you find yourself constantly falling behind on your mortgage payments you should consult with a housing counselor to find out if any better options are available. You can contact the Consumer Finance Protection Bureau at 1-855-411-CFPB. They will be able to connect you with a qualified housing counselor approved by the US Department of Housing and Urban Development.
John Wilson is a financial professional who specializes in consumer finance issues. He aims to provide financial information that’s easy to understand. You can visit his blog at FinanceBro.com.
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