Question:

What happens if I can’t make my mortgage payment?

Answer:

Don't let it happen! If you ever anticipate you may not be able to make your mortgage payment, call your lender and let them know you are having financial hardships and discuss your options.

Basically, if you are having short term trouble, your way out is to ask for and convince the lender and their customer service department to agree to deferral or forbearance period.

Beware about a deferral! It may come in extra costs and in a lump sum once the mortgage deferment is over. Also, you are unlikely to get a deferral unless something big has happened - such as a hurricane, for example.

If you are having short term difficulty making the monthly mortgage payment, you are likely to get a forbearance plan and agree to catch up with payments by a certain date. Interest will keep accruing during the forbearance agreement - there is no way to stop this.

If you are unsure you'll be able to handle a mortgage payment after the forbearance period, you may seek a sale. That's the only way out. Don't wait to get months behind your mortgage payment schedule. This is affect your score and on top of all your lender may lose patience and foreclose upon your property.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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