If you have missed one or more mortgage payments, your best option for getting current and remaining in good financial standing is to work out a repayment plan with your lender. This will allow you to make up the payments you missed by paying a little bit each month, in addition to making your monthly mortgage payment. If you are unable to resume making monthly mortgage payments, pursue a modification or forbearance option -- both of which allow you to keep your home.
Assemble all of your financial records. You will need these to demonstrate to your lender why you fell behind in your mortgage payment and that you are able to catch up. In addition to your mortgage records, you will need records showing your monthly income and expenditures.
Contact a nonprofit housing consultant for free advice. Speak with a counselor approved by the Department of Housing and Urban Development (HUD). Inform the counselor of your situation and she will help you determine whether you will be eligible for a repayment plan before you contact your lender. Speaking with your bank can be intimidating for some, so this is a good way to practice explaining your situation. In addition, the consultant might be able to recommend alternative options depending on your specific situation.
Contact your mortgage servicer and tell him you wish to apply for a repayment plan. Lenders have their specific procedures as to how to apply. Work with your lender to determine how much extra you can afford to pay each month to cover your missed payments. Three to six months is a standard amount of time given to repay the past due amount.
Make the monthly payments according to the agreement. Once your past due amount is paid off, continue making your mortgage payment as normal. Do not miss any more payments.
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