by Darrin Roseborsky

If your mortgage due date comes and goes and you’re unable to make your mortgage payment due to a job loss or another situation beyond your control, don’t pretend there isn’t a problem by ignoring it.

Pick up the phone and call your lender because they can probably help protect your credit and keep you in your home.

Whether you’re late because of an unanticipated illness or because you’ve been laid off from your job, one late payment isn’t the end of the world, but communication with your lender is vitally important because it demonstrates to them that you care about your credit and making your payment.

When you call them, they’ll probably ask you if you just have a temporary stoppage of income or if your financial situation has changed.  If you’ve lost your job, and future payments are in jeopardy, let them know right away because there are some steps you can immediately take to reduce or prevent the possibility of foreclosure.

Depending upon what kind of loan product you’re in will determine what steps your lender may or may not be able to take.  If you have a conventional conforming loan, some lenders may be able to begin analyzing your financial situation and working out a solution that is beneficial both to you and the lender.  If your loan is in some way government backed or insured, government rules may require you to be 90 days in arrears before your lender will be allowed to discuss alternative options with you.  Either way, you need to communicate with your lender.

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