You have used every last penny in your savings to continue to pay your bills, but you just are unable to continue to make your mortgage payments. Next month you will miss your payment so what do you do now?The First Thing to Do If You Can't Make Your Mortgage Payment What happens when you miss a mortgage payment? In most
Next month you will miss your payment so what do you do now?
The First Thing to Do If You Can't Make Your Mortgage Payment
What happens when you miss a mortgage payment?
In most cases, if it is your very first missed payment you will receive a late payment fee 15 days after the missed payment. 30 days after a missed payment the lender will report the missed payment to the credit bureaus and your credit score will drop. When you are two months past due on a payment your lender has the ability to begin the foreclosure process.
Many other articles with similar titles will tell you to call up the bank that processes your loan or owns your loan to try and work something out. While this is fine advice it is not the best advice especially for residents of Washington State.
The first thing you should do when you are facing a missed mortgage payment is to contact your lender and/or a foreclosure lawyer for a complimentary consultation. Many homeowners believe that they need to contact their lender and are solely at the mercy of what the lender tells them even if they reject a request for modification. What many homeowners in the situation of missed mortgage payments don't know is that they can employ legal help to come to an agreement with their lender and have a much higher chance at success.
There are actually a few different options you have as a homeowner in Washington to help you when you are no longer able to continue making mortgage payments. It is not uncommon for a mortgage company to deny homeowners a modification for a number of reasons. Sometimes the lender’s employee may not even realize they have not offered other options available because they are unaware of the laws themselves. If you have more questions, contact our experts in the loan department for Oregon foreclosure specialists and mortgage modifications.