What To Do When You’re Behind on Your Mortgage

If you get behind on your mortgage, don’t hide your head in the sand. The sooner you take action the better. Here are some things you can do.

Contact a Foreclosure Attorney

If you’re at risk of losing your home to foreclosure, seek the advice of a foreclosure attorney. Your lawyer will file notices on your behalf and respond to all summons and complaints. You’ll also have representation at all settlement conferences as well as other meetings. Hiring an attorney is a smart defense if your home is being foreclosed on. Find one by contacting foreclosure defense Columbia MD.

Call the Mortgage Company

If possible, contact your mortgage company as soon as you get behind on your mortgage payments. They’d rather work with you than go to all that expense and trouble of filing a foreclosure on your home. They can work with you to set up a repayment plan where they’ll split what you’re behind on into several payments that they tack on to your monthly payment. You pay a little extra each month until you’ve paid back what you owe.

Or they’ll agree to temporarily reduce your mortgage payments or let you go a few months without paying at all until you’re back on your feet. You’ll then pay those missed payments in one lump sum.

Refinance Your Mortgage

Another option is to refinance your home by obtaining a new mortgage and then using that money to pay off your old mortgage. This is an especially good idea when you can obtain a new mortgage on more favorable terms than your old mortgage payment.

If you get behind on your mortgage payments, get proactive. By getting the help of professionals or simply working with your lender, you can protect yourself and your family from the trauma of losing your home through foreclosure.