Let’s face it. We all can fall on hard times. And sometimes, when you find yourself in a bind and you’re struggling to make your next mortgage payment, you may be tempted to try to skip a payment, thinking you can repay it later once you get back on track. But think again. Being proactive and straightforward with your creditors will go a long way.
Contact Your Lender First
The first and most important thing to do when you can’t make a mortgage payment is to contact your lender/servicer, in writing, to advise them of your financial hardship and inability to make payments. Being open and honest with your lender might be hard, but it will help you out in the long run.
Don’t Procrastinate
The longer you wait to make your financial struggle known, the harder it will be and the less affordable a modified loan will be.
Educate Yourself
There are options out there to help you. You just need to research and educate yourself. The Hardest Hit Fund (HHF) was developed in 2010 for homeowners who struggle to make their monthly mortgage payments in an effort to prevent foreclosure.
Not all states participate in the HHF, but those that do focus on helping two groups of people stay in their homes: unemployed homeowners who are looking for new work, and homeowners who owe more on their mortgage than their home is worth.
Cesi Pagano
(949) 370-0819
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