If you have not sent a payment to your mortgage company in a month or two, the lender will assume you are not going to pay them. They will feel justified in trying to take back your house by using real estate foreclosure. If you are in serious financial trouble,seek professional help and/or legal assistance to protect your home and best interests.
Be ready to discuss your financial situation, before you call your mortgage lender. They will need all the information you have in order to help you. Have notes about your income and expenses so you can answer questions. The mortgage company will be impressed that you are making a sincere effort to come clean about your situation and get your finances under control.
Don’t think the mortgage lender can help? That’s not true. If you get in touch before you miss a payment, the mortgage company may offer forbearance, meaning skipping a month without getting a mortgage late on your credit. If you have lost your job or had a short term set back you definitely need to call. In fact the mortgage lender may give you time to get back on your feet and allow you to skip several payments.
