Settling in to your dream home is one fulfilling experience. Finally, you and your family can feel comfortable, safe and secure in the years to come. Along the way however, unexpected events can take place that will threaten your ability to pay your loan mortgage on time.
The need for relocation, marital concerns, retrenchment and severe sickness by a family member are just some of these unfavorable circumstances. In the process, you may incur some late fees and start to worry about how you are going to get through.
Fortunately, there are various work out plans that you can count on. What is important is that you are able to monitor the date of your late mortgage payments and that you can also honestly communicate the problem with your lender.
The earlier this is done, the better chances for you at getting a feasible loan modification deal. With numerous foreclosures happening here and there, lenders nowadays are more than willing to draft that workout plan with you in order to save your home.
If your mortgage payment is late for more than 15 days, then you are likely to be charged a late fee by the mortgage company. Even if the late fees may differ with each lender, it is still going to add up to your burden. Immediately contact your lender, explain your situation, and ask for a possible extension.
However, if you can give them a call before the 15 days lapses, then they could offer to have late charges waived. What you need to do is to set up a future date to settle the account so that the lender feels assured of the payment.
Some words of caution though, do not complicate matters by promising payments you cannot fulfill. Set a date which you know you will have enough funds to cover them by then.
Likewise, if your mortgage payments are past due for a month or so, express your concerns with the mortgage company. Before you give them a ring, be ready with a date by which you are sure to make payments.
When you foresee that you will be unable to raise the exact sum of payment in the coming months then talk to your lender about the possibility of a loan modification that includes a reduction in the amount for the next few months. These payment modification schemes will allow you to manage your finances until you are capable of paying the full amounts again.
Lastly, try your best not to go beyond 90 days for late mortgage payments as this will mean foreclosure proceedings. When this happens, your credit report can get tainted and adversely affect your credit standing.
Stay where you are - right in the comfort of your home. Plan your mortgage payments ahead of time and prevent adversities from coming your way.
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