{"id":369302,"date":"2016-04-04T10:47:20","date_gmt":"2016-04-04T15:47:20","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/realestate\/mortgages-equity-loans\/behind-on-your-mortgage-payments.html"},"modified":"2024-05-14T15:40:34","modified_gmt":"2024-05-14T20:40:34","slug":"behind-on-your-mortgage-payments","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/realestate\/mortgages-equity-loans\/behind-on-your-mortgage-payments.html","title":{"rendered":"Behind on Your Mortgage Payments?"},"content":{"rendered":"\n
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Behind on Your Mortgage Payments?<\/h1>\n
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\n By Robert Rafii, Esq.<\/a> | Legally reviewed by FindLaw Staff<\/a>\n | Last reviewed\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

As a first-time homebuyer or homeowner, you may suffer financial hardship from a job loss. It\u2019s bad enough that you\u2019re behind on credit card and electric bills. You might also be facing foreclosure because you fell behind in making your monthly mortgage payments.<\/p>\r\n

If you\u2019ve missed mortgage payments, contact your mortgage servicer as early as you can. Most lenders are willing to work with customers acting in good faith. This way, you can avoid the foreclosure process even when you\u2019re in delinquency beyond the due date grace period.<\/p>\r\n

The longer you wait to call, the fewer options and more late charges you will have. Suppose your payment is due on the first of the month, and it’s already 30 days past due. Most loan servicers won’t accept a partial payment as a way to bring your account current. They will start foreclosure proceedings on your mortgage loan.<\/p>\r\n

This happens unless you can come up with the money to cover all your missed payments, plus any late fees. After you’ve missed 90 days of monthly payments, your mortgage company will report you to the credit bureaus. Your FICO or credit score with Equifax, Experian, and Transunion<\/a> will suffer adverse effects.<\/p>\r\n

Recovering from Late Mortgage Payments: How It Works<\/b><\/h2>\r\n

If you have late payments, consider discussing the following foreclosure prevention options<\/a> with your loan servicer:<\/p>\r\n

Reinstatement:<\/b> You pay the mortgage lender the entire past-due amount, plus any late fees or penalties, by a date you both agree to. This option may be appropriate if your problem paying your mortgage is temporary. Your loan documents and terms will remain in full force and effect.<\/p>\r\n

Repayment Plan:<\/b> Your servicer gives you a fixed amount of time to repay the amount you are behind by adding a portion of what is past due to your regular payment. This option may be appropriate if you’ve missed only a small number of payments.<\/p>\r\n

Forbearance<\/b><\/a>: <\/b>Your mortgage payments are reduced or suspended for a period you and your servicer agree to. At the end of that forbearance period, you either:<\/p>\r\n