What If I Miss A Home Loan Payment

What If I Miss A Home Loan Payment

What If I​ Miss a​ Home Loan Payment?
It is​ no secret that home loans will often last 30 years or​ more and that during that time anyone can face financial issues that may lead to​ missing a​ home loan payment .​
The first thing to​ do if​ you​ miss a​ home loan payment is​ to​ not panic .​
The second thing to​ do is​ to​ contact the​ lender as​ soon as​ possible.
Most lenders are not going to​ foreclose on​ your home if​ you​ miss one payment .​
They do,​ however,​ want to​ hear from you​ and they want to​ work out some payment options so that the​ delinquent payment will be met .​
It is​ imperative that home owners understand that time is​ critical when payments are not sent in​ .​
The more payments you​ miss and the​ longer you​ wait before you​ contact the​ lender the​ fewer options you​ will have available .​
In some cases,​ if​ you​ ignore the​ lender for too long,​ foreclosure will be the​ only course of​ action that the​ lender can take .​
Do not let that happen to​ you.
You should also understand that missing one payment (in the​ home loan business,​ anyway) is​ not the​ same as​ missing two or​ more .​
Do the​ math .​
If you​ are behind in​ two payments,​ you​ are probably at​ least 60 days behind .​
Once a​ home loan becomes delinquent by at​ least 60 days the​ credit reporting people become involved,​ the​ lender becomes nervous,​ and you​ begin getting tons of​ mail and calls concerning the​ loan .​
Your name and address may be posted to​ publications that sell this type of​ information to​ third parties .​
It only goes down hill from here.
When you​ have to​ miss one payment on​ a​ home loan it​ should become your major goal to​ get that payment caught up as​ soon as​ possible .​
If you​ simply do not have cash coming in​ to​ pay the​ late payment (as well as​ the​ current payment) go to​ the​ lender and see if​ they can work something out with you​ .​
You might be surprised at​ how eager they can be to​ help .​
They may suggest that the​ payment be tacked on​ to​ the​ end of​ the​ loan or​ they may ask if​ you​ can pay the​ late payment in​ installation payments such as​ one-third of​ the​ late payment added to​ each of​ the​ next three monthly payments.
If your financial problem is​ more long term,​ you​ may want to​ talk to​ the​ lender about refinancing .​
Sometimes you​ can refinance to​ a​ mortgage that has lower monthly payments .​
This is​ not always possible,​ but if​ it​ is​ possible it​ may make it​ easier to​ make future payments on​ your home.
Of the​ many options that you​ have,​ all of​ them are going to​ lessen in​ value and usefulness the​ longer you​ wait before contacting your lender .​
Remember,​ once your payment becomes delinquent by 60 days,​ your options are severely reduced .​
When the​ delinquency hits 90 days you​ may have very few (if any) options left .​
Most of​ these problems can be avoided if​ you​ simply contact the​ lender as​ soon as​ possible and be willing to​ work with the​ lender to​ make up the​ missed payment or​ payments.

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