What Should I Do If I Miss A Mortgage Payment Due To Financial Hardship?

If you have already missed some mortgage payments to your lender because of financial hardship, it is best to contact your mortgage lender first to find out what options you have to get back on track to prevent losing your home. What it all boils down to is that your lender ultimately has be willing to agree give you loan modification help or forbearance or some other loan work out.
It is also a good idea to take positive action with your mortgage company if you are facing difficulty (but you haven’t already fallen behind) in making your mortgage payments. This is especially true if you are suffering from financial hardship.
In addition to calling your lender, if you find yourself in any of these circumstances no matter whether you have fallen behind on your mortgage or not you may want to find out what options are available to you by getting some legal guidance.
Below you will find some of the most common reasons for financial hardship:

Typical Causes of Financial Hardship to Qualify For a Loan Modification

Involuntary Job Loss

Involuntary cut in income

Unexpected Short or Long Term Disability

In some circumstances – divorce

Death of a spouse or other household wage earner

You may also qualify for a loan modification if you suffer from any of the following conditions:

You credit is over extended

Your home value has decreased to where it is less than your mortgage balance

You have a high risk mortgage like an ARM, Balloon, or a Hybrid.

You want to make sure you that you get some professional guidance about your options and strategy before you get too far down the road with being or getting behind on your mortgage. YOu do not want to do something like intentionally miss payments so that your lender will approve your loan modification (there is a lot of bad advice going on out there about intentionally missing payments in order to qualify for a loan modification).
Beyond all else, do not go delinquent on your mortgage because someone at your mortgage company, or someone else gives you the advice to let your mortgage payment slide to get yourself into a situation where you then can get a loan modification.
Getting a loan modification is not a guarantee once your payments are behind and falling behind intentionally could cause you a lot of unnecessary problems in the long run. Because once you have fallen behind on your mortgage and you can’t get a loan modification, chances are you won’t be able to refinance either leaving you with only a few tough options like: catch up your mortgage and keep making payments with your current mortgage situation, try for a short sale, or go into foreclosure and walk away from your home. None of these seem to be that appealing.
Complete the following form and select "modifying my mortgage loan" to get a free loan modification evaluation.