If you’re having difficulty making your mortgage payment, it’s important talk to your loan servicer or lender to work out a payment plan as soon as possible. While it’s best to call before you miss a payment, it’s important to call if you’re one or two months behind, too.
If you are not yet late on your payments, your loan servicer or lender may be able to assist you if you’re worried that you will not be able to make your payment.
Important: If you fall behind and do not work out a payment plan, your loan servicer or lender will start the foreclosure process and you may lose your home. The longer you wait to talk to your loan servicer or lender, the fewer choices you may have. Once a workout solution is fully in place and your lender is receiving the agreed-upon payments, it’s unlikely the lender will begin the foreclosure process. However, most loan servicers or lenders will not stop the foreclosure process once it has begun.