Tuesday, December 27, 2016

I Can't Make My Mortgage Payment

What do I do if I can't make my mortgage payment
What do I do if I can't make my mortgage payment

What do I do if I can't make my mortgage payment?

By Jon Arpon

Living paycheck to paycheck is very common for borrowers.
And sometimes, when you find yourself in a rut and you’re struggling to make the next mortgage payment, you may be tempted to try to skip a payment, thinking you can repay it later once you get back on track, don't do this because this can negatively impact your credit and screw up any chance at refinancing for the next year. 
But a passive approach to a financial issue — particularly one involving something as big as your mortgage — is not advisable. Being proactive and straightforward with your creditors is far more better in a personal financial crisis.

-Click Here to read "3 Things You Need To Know Before Refinancing."

The power of being honest

“The first and most important thing I always tell clients concerning delinquent mortgage payments is to contact their lender/servicer, in writing, to advise them of the hardship and inability to make payments,” says Cydney Bulger, attorney with The Bulger Firm in Jacksonville, Florida.
Openly admitting your inability to pay your mortgage is probably one of the last things you want to do, but being forthright about your situation will serve you far better in the long run.

-Click Here to read "Refinancing In Los Angeles Or Orange County."

Do not wait too long

Not paying your mortgage because you can't and not telling everyone is kind of like trying to hide a pregancy, sooner or later people will find out wether you want them to or not. Yes that may be extreme simile but you get it right? The sooner you tell your lender, the more likely you'll be able to receive some sort of help. Let's say you let your friend borrow some money, he doesn't pay you for 3 months and calls you and says "hey I'm having a hard time finding the money to pay you, can you help me out?" I mean he had 3 months to tell you but waited, how likely would you even want to help him out at that point? Right? Exactly.

-Click Here to read "Getting a Pre-Approval For Your New Home."

Educate yourself on mortgages

Educate yourself about late payments, late fees, and 30 day-lates on your credit report. See this is how it works. It doesn't hit your credit report until you haven't made your mortgage payment for at least 30 days. That's when it really affects your credit. Many people ask me, "well it says I get a late fee if I pay it 15 days after the first of the month?" While that may be true, you just get hit with a late fee that doesn't show on your credit, what you really have to worry about is being over 30 days late. Tha'ts when it really starts to get messy on your credit report.

-Click Here to read "No-Cost Mortgage Refinancing."

Pursue every possible option

Let's say you have a lot of equity in the home but you're retired now and having a hard time keeping up with the mortgage payments and you see that you might actually be more than 30 days late on your mortgage. One option would be to just get involved with a reverse mortgage, I specialize in reverse mortgages so you can email me at Jarpon@americansenior.com 
Maybe you have a 6.5% interest rate that's making the payments too high for you to pay, it might be time to refinance into a lower rate to save some money every month to continue making your mortgage payment, It's definitely an option if you haven't had any 30 day-lates on your credit report for your mortgage. I can help you with that as well.

-Click Here to read "VA LOAN BASICS, What You Need To Know."

But don’t expect a miracle.

Call your bank and see if they will offer you a modification because even if they don't at least you've started the process to get you into a modification. Even if you don't get accepted that may help your case if you need to hire an attorney later on for a foreclosure because it shows you were at least trying to get some help from someone.

-Click Here to read "5 Myths Of A Reverse Mortgage."

Be proactive when in a financial crisis

Ever since 2007, lenders are more willing to work with delinquent homeowners but you need to at least tell them what's going on or they will automatically going to assume you're skipping out on your mortgage payment. How will they know how to help you if you don't reach out? If you wait too long then you can eventually go into foreclosure and you never want to get that far into the process.

A Refinance may lower your monthly mortgage payment but it doesn't mean it's the best move, here are 3 things you need to know before you refinance.

refinance your home, but here are 3 things you need to know

Jon Arpon "Orange Countys Premier Mortgage Banker."
Reverse Mortgage Professional / Mortgage Banker NMLS 1447861, Company NMLS 7147
2030 Main Street, Suite 350, Irvine, CA 92614
Direct: 949.441.2048
Fax: 888.537.6148
Email: jarpon@americansenior.com

- Click here to download my app on the Google Play Store

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