What should I do if my payment is late or missed?
If your payment is late or missed, don’t panic. By just following a few simple guidelines, you can take meaningful steps to alleviate financial stress.
Contact your lender
In the event that you find yourself forced to miss a payment, contact your lender immediately. Mortgage providers are just as eager to get paid as you are to pay them on time. This means that they are usually encouraged to work with you to come up with a payment plan that can help you catch up on your loan.
Request a tolerance
wondering what is patience? Simply put, it’s an agreement between you and your mortgage lender to delay foreclosure proceedings. Given the time, effort, and costly legal fees involved in foreclosing on a home, lenders are often keen to work with borrowers to find workable solutions when financial issues arise.
Design a repayment plan
As part of your collaboration with your lender, you will establish a repayment plan or mortgage deferralwhich is another alternative that may be available to borrowers.
Stick to the plan
Once you’ve established a repayment plan, it’s essential to stick to it and not fall behind on mortgage payments again. Remember: your lender wants to see you succeed and become financially solvent, but it’s also important to show them that you’re working hard to meet your obligations in good faith.