Mortgage Tips: How to Deal with a Missed Payment

by San Antonio Attorney

One missed payment can lead to a serious credit problem.  An unpaid bill can become difficult to bring current particularly if an individual is struggling to pay his or her other bills.  More importantly, this will negatively affect one’s credit rating.  Immediate action is required to prevent this from happening.

Talk with the Lender

The first thing to do after missing a payment is to reach out with the lender or the entity that is affected of the missed payment.  To ‘let things slide’ after a missed payment is the worst move a debtor can make.  Facilitating communication in order to explain the real situation is a better option.

When borrowers have a hard time paying mortgage, they have the tendency to run away or escape from their lender in hopes that the problem will disappear.  Lenders will appreciate it more if borrowers communicate to them openly about their problems.  A lender may provide some options to catch up on the payment and can even give other means of resources for you achieve your payment plan.  For instance, if the borrower is currently unemployed but his or her previous payment history reflects that he or she has been consistent with payment prior to unemployment.  That can be a basis for a lender to provide another option in payment.

Be Open to All Financial Remedies

Resourcefulness is key in tackling your financial problems.  An insurance policy is another option where it provides the opportunity to loan money.

Personal options include cutting back on expenses, selling property, and adding a part time job as some of the financial options.

Borrowing more money from loan companies may make a borrower’s financial problems worse as they tend to charge very high interest rates.

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