The sooner you contact your lender, the more likely they may be to work with you on developing a plan so you can make your payments. In some cases, a loan provider could give you more time to make a payment or even negotiate an interest rate.
There are other options as well. For example, you may be able to secure a reinstatement, in which you would pay the lender however much you owe as well as fees or penalties by a set date. You could also establish a repayment schedule through which a past due amount is spread out over future payments.
According to the U.S. Department of the Treasury, more than 7 million people have avoided foreclosure through participating in public and private programs such as the Home Affordable Modification Program. To qualify, you must meet certain requirements, and you will have to provide substantial documentation. This reinforces why starting the process as soon as possible is essential.
At the first hint of trouble, we suggest that you contact someone to get help. Our law firm has a history of helping people stay in their homes. For more information on this topic, please visit our page regarding how to get help to pay your mortgage.