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Ask Shop Rate: Ashley - Texas

Posted by  on Apr 16, 2009
 
I am behind in my mortgage payments due to a recent loss of job…how do I keep from defaulting on my mortgage? The first thing you should do is call your mortgage company. The longer you wait to call and the further you fall behind in payments, the more difficult it will be to work out an agreement with them. Most lenders will try and work with a borrower in a temporary financial bind. The deal they may be willing to give you will rely on how far behind you are on your payments and what your future financial situation may look like.

A second option, if you are not too fond of the home, is to try and sell the property and repay the loans. However, to do so you will need to sell it for enough to pay both the loan and the expenses of the sale of the house (Realtor fees, etc.).


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