Real Estate Pro Articles

Can I just keep paying mortgage payments to avoid foreclosure?

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
Sometimes when people get in trouble with their mortgage, they try to simply keep making mortgage payments to avoid a foreclosure. We often don't expect that defaulting on our mortgage could become a problem for us. But one month, there might be unforeseen expenses that come up in our lives–medical bills, automotive costs, or even theft or loss of assets in the stock market. Sometimes, even model homeowners can miss a payment, but it can still have a big effect.

If you miss a payment one month, don't think you can just go on paying your mortgage and forget about the missed payment. In many cases, that missed payment will accrue interest for every day or week it goes unpaid. While you may be continuing to make payments, you'll still be a month behind, and that can cause interest costs to add up.

The best thing to do when you miss a mortgage monthly cost payment is to tell your lender immediately. Don't try to act as if nothing has happened! Confront your lender and ask what your options are. In almost every case, missing a payment is not the end of the world, especially if you can explain that it was a mistake or the result of unforeseen circumstances that will not happen again. Demonstrate that you intend to keep meeting your payments from here on out, and your lender will work with you to pay off the back debt. Often times this can mean paying off the missed payment little by little over the next few months or year. There are plenty of options for deals to work out.

So if you missed a mortgage payment, be honest with your lender! It happens to the best of us, but don't just keep making mortgage payments and expect the problem to go away, while continuing to meet your monthly mortgage obligation can help you avoid foreclosure, it won't take care of that missed payment. Make plans to deal with it and you won't be surprised with a big bill for back debt that could become a real problem down the line.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles