What To Do If You Miss a Home Loan Payment
Many people are struggling to keep up with their home loan payments these days, and it’s not that they don’t want to pay, it’s just that, through circumstances, they are unable to pay their home loans. Unemployment, shorter working hours, rising interest rates, you name it, it’s all happening. With foreclosure statistics rising all of the time, it’s important that you realise how important it is to pay your home loans on time, every time, as well as what to do if you know it just ain’t gonna’ happen. You really don’t want to be another number in those statistics do you?
Let’s start with what NOT to do if you miss a home loan payment, DO NOT MAKE LIKE AN OSTRICH and bury your head in the sand. Here’s what you must do if the unfortunate happens . . .
- Contact the Mortgage Lender – you’ll probably feel uncomfortable and extremely uneasy about the situation but rest assured that you’re not the only one in that particular boat. It’s happening every single day to thousands of people and they won’t judge you. Contact your mortgage lender as soon as you know it’s going to be difficult to make the payment date, don’t even wait until you’re late, let them know you’re going to be. You should also tell them the soonest you’ll be able to make the payment and then send it as soon as you possibly can including any late fees which may have been incurred. Ask if the late payment will go onto your credit report or whether there’s anything which you can do to avoid it.
- If your lender is certain to let the credit report agencies know about the late payment, then contact the credit report agencies yourself. You may not be able to have the late payment removed from your report but you can leave them without any uncertainty that the payment was made as soon as possible and that the loan is still in good standing.
- Try not to let it happen again. I know that it may be easier said than done, but it really is in your best interests to make the payments on time every time and to keep your credit score as high as possible.
The growing number of foreclosures these days has lead to one good thing at least, a growing list of foreclosure help programs. Thousands of Americans are facing the same problems every month, you are not alone and there are people out there who can help you . . . if you just ask.