What to do if you’re behind on your mortgage

By Jeremy on Dec 11, 2013

 

Your home is one of the biggest financial investments you’ll make, but sometimes financial difficulty can come your way. If you’re behind on mortgage payments and living in fear or losing your home, it’s best to face the situation head on and take corrective measures early.

Here are some steps to help you ease the stress and get back on balanced financial ground:

• Contact your mortgage lender right away: being honest with your lender in the early phases will help you avoid penalties, get you on a payment plan and on your way to the best solution.

• Contact your mortgage broker: they can provide you with the right advice, especially because they’ve helped others in similar situations

• Develop a budget, and be honest with yourself about it. Once you’ve defined a budget, stick to it.

• If you feel like you can’t manage your finances on your own, consult a debt management or credit counseling company.

• Be ready to change! Nothing you do will make any difference unless you get real with yourself about the situation you’re in, and commit to change.
 
Looking for more information on how to find help? The CAAMP has some great resources on their website. And of course, you can always contact me with any questions.
 
Source: Jeremy Nagel