This is both financially and emotionally draining and whether you are living in the suburbs with white picket fences, a mansion or a modest cottage, either way losing your home in foreclosure easily ranks as one of life’s worst experiences.
Most of the time lenders do not want to foreclose on a mortgage as it costs them more money than they can make back from the foreclosure sale. If you fall behind on your mortgage payments, your lender will work with you to device a practical plan to cure the default and bring the loan current. However, you must stay in communication with your lender and be honest in evaluating your financial situation.
If you are falling behind in your payments, or know that you are likely to in the immediate future, there are some steps that you should take before talking with the lender about alternative payment arrangements.
Make sure you read every notice you receive about your mortgage, especially if you have already missed more than one payments. The notice normally provides you with information about your rights, the deadlines and provides you with opportunities to try to resolve your mortgage payments.
More likely than most, even if you do not pick up a certified letter related to your past due mortgage, the foreclosure process will move forward.
You might want to take steps to reduce your household expenses; like having a budget and sticking to it. Negotiate with credit providers for reduced payments and use that money to save towards your mortgage.
Perhaps you might like to think about consolidating your debts to lower your monthly debt payments