What to Do If You Can't Make Your Mortgage Payments

There are many things that you can do to prevent foreclosure on your home. If you are unable to make your mortgage payment for several months you could lose your home. Here are some ideals that you can try to do that could save you from facing foreclosure. Never wait till you can't get back on your feet. Always contact the lender as soon as there is a problem for best results.

Make the mortgage payment before any other payment. If you have credit card debt or unsecured loans you can go a month without paying these easier than not paying the mortgage. Usually the credit card bills and other loan payments are lower and should be easier to catch up then a huge mortgage payment.

Talk to the lender about other options that you may have. The lender doesn't want to foreclose on your home they are usually willing to work with you to get your payments current, and could adjust your payments till you find another job if you have lost your job. Always keep an open line of communication with your lender.

Some ways that they could work with you is giving you time to make up the late payments before taking legal action. This is great if you are in a temporary money situation. You may still have a negative mark on your credit, but it won't be as bad as if they foreclosed on your home.

They may be able to move the late payments to the end of the loan, making you current but extending your loan longer. While you will be paying more interest on the loan overall, this still gets you out of the current situation that your in. You may want to ask if they could forgive a payment or two. You wouldn't have to pay it back to them, but you could be current again. It never hurts to inquire about this one.

They may change the loan or refinance the loan for you. They could do this by lowering your payments and maybe getting you a lower interest rate.

If you are behind several payments you may be able to make up these late payments over the next few months by adding more money to your monthly payment. This again would get you current payments but would have a higher payment for awhile. If your money situation is temporary this may be a great option for you.