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What To Do If You Are Falling Behind On Your Mortgage Payments

By Mark Riddix

Sometimes situations occur that cause you to fall behind on your mortgage. An unexpected job loss, a medical emergency, or a change in marital status are just a few of the issues that can bring about financial hardship. It’s important to know what options are available to you when you are having a tough time making ends meet. Here are three tips to help you if you are falling behind on your mortgage payment.

Contact your mortgage lender. 

The normal reaction of most individuals when they fall behind on their debts is to pretend that the problem does not exist. They ignore phone calls, bill statements, emails, and all forms of communication from a creditor. This is a mistake! Don’t run from your bills. The first part of clearing up an outstanding debt is to acknowledge that you have the debt. Contacting your mortgage lender demonstrates that you are serious about trying to catch up on your payments. There are a number of options that are available to you. Mortgage lenders can work out loan modifications and repayment plans that are affordable. A lender can temporarily reduce your mortgage payment until your financial situation improves. Lenders can also defer payments and place the principal on the back end of the loan. Your mortgage lender could renegotiate your interest rate, thereby saving you money on costly interest payments. In extreme cases, some lenders have been known to even forgive principal.

Talk to the appropriate government agency.

If your lender won’t work with you, there are several free resources that can help. If you have a FHA loan, contact the FHA’s National Servicing Center. The FHA will apprise you of all current federal programs that are available to you. If you have a conventional loan, visit the US Department of Housing & Urban Development’s website. Individuals with VA loans can contact the US Department of Veteran Affairs. There are foreclosure avoidance counselors in your state that will assist you with your foreclosure issues. These services are provided at no cost to you. All of these agencies can help you with workout programs that your lender may not have informed you about. You can contact any of these agencies by letter, email or phone.

Be wary of foreclosure scams.

Some organizations and individuals will try to take advantage of your financial problems by offering “quick fix” solutions. “Foreclosure specialists” promise to save your home for a fee. These fees can run from a few hundred dollars to a thousand. There is little that most of these specialists can do that you can not do for yourself. Many homeowners end up losing their homes and money while waiting for a foreclosure specialist to try and save their homes. Foreclosure rescue specialists will offer to lend you money to stay in your home. These specialists take advantage of many homeowners, getting them to sign their home away for a few thousand dollars. The home owner ends up making mortgage payments on a house that they no longer own. Homeowners need to be wary of any individual that contacts them promising to save their home. Contact a lawyer before agreeing to terms or signing any document. Keep in mind that there are some reputable organizations that can provide you with assistance. But be sure to check with the Better Business Bureau to see if these companies are legitimate.

What do you think is the most important thing to do when you are behind on your mortgage payments?

(Photo credit: brownpau

Mark Riddix
Mark Riddix is the founder and president of an independent investment advisory firm that provides personalized investing and asset management consulting. Mark has written financial columns for Baltimore and Washington, D.C. area newspapers and is the author of the book, Your Financial Playbook.

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  • http://www.yourfinances101.com/blog David/yourfinances101

    The best advice I could give is “Don’t run and don’t hide.”

    If you’ve fallen behind, contact your lender–as the post says.

    They do not want you to defualt as much as you don’t want to.

    You’d probably be surprised at how much they’re willing to work with you if you stay in touch with them

  • http://twitter.com/DGLawGroup The Green Law Group

    For a free quote on loan modifications, foreclosure prevention, balance reductions etc, follow @DGLawGroup or email [email protected]

  • JANE

    Hello,
    my name is Miss Georgina peckett, I’m from USA.
    I want to inform you all that there is a spell caster that is genuine and real.I never really believed in any of these things but when I was losing Gilbert, I needed help and somewhere to turn badly. I found consultant.kalakuta spells and i ordered a LOVE SPELL. Several days later, my phone rang.Gilbert was his old self again and wanted to come back to me! Not only come back, the spell caster opened him up to how much I loved and needed him. Spell Casting isn’t brainwashing, but they opened his eyes to how much we have to share together. I recommend you if you are in my old situation to try it. It will bring you a wonderful surprises as well as your lover back to you. The way things were meant to be. you can contact the spell caster on– [email protected] he’s very nice and great.

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    Hello readers,my name is blessing oaike,i wanna share a testimony of a mega spell caster who help me bring my ex boyfriend back.I broke up with my ex since last month hoping that we will get back again but things was getting worse until someone directed me to a great spell caster who cast a reuniting spell for me without collecting any money from me for his work.the most thing that surprise me about this spell caster is that everything happened the way he said it going to happen, i have never believed in spell caster before but Dr Okoase make me to believed that he is still real. i must say he is indeed a great spell caster.And i know he can still help you,and is a sin if i should go out without dropping the email of this great spell caster,please contact him on his email: [email protected] once you contact him your problems will be over.Once more i say a big thanks to you for helping me recover my ex back.once more contact him and thank him on my behalf through his contact address: [email protected]

  • JESSICAL

    my name is janices wallocks from housto,
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    cast spells to bring back one’s gone,lost ,
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    money spell for a good job,i’m now happy
    and living testimony cos the man i had
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  • Olga Diana Leah

    I used to think Spell was evil but after Matt left me I felt open-minded to try it. Maybe I was desperate too. After been scam by lot of spell caster’s promising me false hope not knowing all they really wanted was my money. But this is real! I contacted Dr Wicca and within a few minutes of speaking with him, I realized that Dr Wicca was the one person whom I could completely trust. In just 48 hours hours, Dr. Wicca restored the love we had for each other back. I didn’t expect the spell would work so fast. I even got roses from him today and i’m so happy that we will be spending this Valentine together… It’s absolutely happening as you said!! Thank you!

    I want to express my warmest gratitude to Dr. Wicca. I’ll never ever forget all the happiness you gave me. I’ll pray for him. I highly recommend Dr. Wicca to you for whatever problem you are experiencing whether is love, money or psychic powers. He is powerful. You can contact him on : ( [email protected] or +2348097350565 )

    From Olga Diana Leah……. U.K

  • Natasha

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    Natasha, USA

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  • http://www.facebook.com/happiness.joy.54 Happiness Joy

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    name Tessy

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    My Husband has returned home after many months. No one thought that there was hope. My friends and family urged me to move on and get a divorce. Every time I was close to giving up, I did not feel releasing me from my marriage until when my cousin traduced me to Dr. Kaka who helped her when she had problem with her lover. Dr. Kaka made the impossible possible within 48hours after I did all that he told me to do. Anytime I feel myself getting frustrated and offended I always contacted Dr. Kaka for help. Here is his contact e-mail if you need help too; [email protected]

    Angel, USA

  • http://www.facebook.com/happiness.joy.54 Happiness Joy

    This good news can’t be kept within me i need to share this great news with the whole for the great thing Dr ikuku has done for me,After 6years of broken relation i tired all my best to get back my lover Tricia but it never seems to work out well,People just kept on lying to me,Until one day was reading on the internet about this great man called Dr ikuku how he has helped lots of people in getting back there ex without any delay as i was just reading about Dr ikuku then this a program came up on the radio (How i got my ex)The i just focused on the program i had the shock of my life was that the person who i was reading about was the person that people where giving testimony about how Dr ikuku has also helped them in getting back there ex,i was just so surprised then i decided to think over and i was reading the news paper as well i also saw at the bak page a lady testifying in the name of this great man called Dr ikuku how he helped her in getting back her ex,i was so surprised and very convince that Dr ikuku is the right man i gave him a call immediately and shared my problem with him,He just laughed and said that i should not worry that my lover Tricia would be back to my arms within 24 Hours,when he told me this i was like if this is real i would spread his name round the world and all media where they can get to know him better and seek for help from him,Believe me with in 24 Hours it was a shock and guess who i saw on my door Tricia she was in tears and the greatest thing i hate is to see her tears i told her to stand up and told her how much i love and cherish her,She was so happy today we are bought together and she can’t do without me a day am just so happy all this came to past with the help of Dr ikuku,Please if you are in need of help just kindly contact dr ikuku on [email protected] or Cell Number +2348034458597
    Name:Micky Dames

    Country:Usa

  • annonymous

    I am Robert from Spain, with joy in my heart i want to use this opportunity as a way of appreciation for the help that Dr.Zabaza whose contact details are +2348182620374 or [email protected] render me. Few weeks ago i lost my lover to another guy but through the help of Dr.Zabaza i was able to get my lover back within the period of 48hours. Thank you so much Dr.Zabaza for a perfect work well done

  • JIMMY

    so so happy cant keep this to my self must testify so the whole world can know.a year ago had a serious fight with the love of my life and we separated i missed her so much that i tried all means to get her back but it all failed and it even got worst because she even got a court injunction against me not to come close to where ever she and my child are and restricted me from visiting them.

    i saw in a local newspaper a story about how this great spell brought back happiness into a ladies life after years of separation and decided to contact him.he asked for her full name and picture which i gave him and also some materials to cast the reunion spell and after 48 hrs i got a call from her thought i was dreaming until she finally came back home.

    am happy to say we have been to together now for a month and she is very happy being back with me.

    please if you are having any problem in your marriage or your relationship please kindly contact this great man of spell on the following: [email protected] or +2348169138446 and get you happiness back.

    JIMMY KIM

    USA

  • Am Happy

    Am Just here to testify in the great name of this man called Dr ikuku for what he has done for me,After my lover Ferry who has been with me for more than 23 years in marriage he just woke up one morning and said he needs a divorce,i was like why he said he his tired of me and he just want to be alone,When he told me this world tears gosh out of my eye it was so painful that someone who you love just woke up and developed hatred on you it was so painful then i decided to take heart but i got on crying and crying because everything was just like a dream to me.He sent me a divorce letter which the family lawyer brought to me and we are to be in court on the 4th of June 2013,i was like this can never happen i tried all my possible best to get back My lover but there was no way until one day when i was reading a magazine then saw some great testymony about this great man called Dr ikuku how he helped a man so i read wonderful stories about this great man so then instantly i contacted him before i could even tell him why i came he has already told me that am having a relationship problem and my lover has filed a divorce when i had that believe me i was shocked all he told me was that i should not worry that he assure’s me that everything would be okay within 24hours that i would have my lover back was so happy when i had that i gave him the chance to do so believe me Dr ikuku did not fail me i got a mail from the family lawyer that my lover came to his office and told him that he does not need a divorce anymore that he loves me more than anything in the world was so glad when i had that then the lawyer told me to come over to the office and sign then i was about going i saw Ferry at the door sitting in tears and i asked him what he was pleading and telling me to forgive him i told him i have forgiven him,So then he told me that he wants to proof to me that he wont leave me for anything in this world he made me had access to everything he owns,His account, ATM and made me have is Social Security Number (SSN)Am so happy you dont need to be worried again Dr ikuku would solve your problem you can contact him on [email protected] or cell number +2348034458597

  • Jane Thamson

    Santana Valdez says

    i am giving this testimony cos l am happy

    My name is mrs. Santana Valdez from Houston,taxes.i never believed in love spells or magic until i met this spell caster once. when i went to Africa in June 28th 2013 this year on a business summit. i ment a man called dr. Atakpo.He is powerful he could help you cast a spells to bring back my love’s gone,misbehaving lover looking for some one to love you, bring back lost money and magic money spell or spell for a good job.i’m now happy & a living testimony cos the man i had wanted to marry left me 3 weeks before our wedding and my life was upside down cos our relationship has been on for 2 years… i really loved him, but his mother was against me and he had no good paying job. so when i met this spell caster, i told him what happened and explained the situation of things to him..at first i was undecided,skeptical and doubtful, but i just gave it a try. and in 6 days when i returned to taxes, my boyfriend (is now my husband ) he called me by himself and came to me apologizing that everything had been settled with his mom and family and he got a new job interview so we should get married..i didn’t believe it cos the spell caster only asked for my name and my boyfriends name and all i wanted him to do… well we are happily married now and we are expecting our little kid,and my husband also got a new job and our lives became much better. in case anyone needs the spell caster for some help, email address [email protected]

    Great Atakpo i thank you very much thank you in 1000000 times.. if not you i would have been losted and wasted thank you. Email Him Through his email address… [email protected]

    please make sure you contact him for any financial difficulties okay..

    What a powerful man such as Dr Atakpo.. he is so much powerful..\ email him for any difficulties.. [email protected]

  • Vicky Ben

    Am Vicky Ben from Canada. I never believed in love spells or magic until i met this spell caster once when i went to Africa in may this year on a business summit. I meant a man who’s name is [email protected] he is really powerful and could help cast spells to bring back one’s gone, lost, misbehaving lover and magic money spell or spell for a good job or luck spell .I’m now happy & a living testimony cos the man i had wanted to marry left me 3 weeks before our wedding and my life was upside down cos our relationship has been on for 4years. I really loved him, but his family was against us and he had no good paying job. So when i met this spell caster, i told Dr Ogogoro what happened and explained the situation of things to him. At first i was undecided, skeptical and doubtful, but i just gave it a try. And in 8 days when i returned to USA, my boyfriend (now husband) called me by himself and came to me apologizing that everything had been settled with his mom and family and he got a new job interview so we should get married. I didn’t believe it cos the spell caster only asked for my name and my boyfriends name and all i wanted him to do. Well we are happily married now and we are expecting our little kid, and my husband also got the new job and our lives became much better. His email is [email protected]

  • annonymous

    I am Ahmed from Cairo Egypt, I just want to let those people out there that are having difficulties in there relationship to contact Dr.Zabaza on [email protected] or call him on +2348182620374. Because Dr.Zabaza was the great man that brought back my lover to me within 48 hours. And his powers has no side effect. One more good thing about Dr.Zabaza is that he tells you about your past and your future without you telling him a word about yourself.

    AHMED

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