I Cannot Pay My Mortgage - What Should I Do?

If you find yourself in the situation where you cannot pay your mortgage, the very first thing you should do is:

Call Your Mortgage Lender.

Even if this is a short term problem. It is best to alert your mortgage lender that you will have a problem making a the monthly payment when it becomes due.

If you know this may be a long term problem, you should also ...

Call Your Mortgage Lender.


You are not alone if you want to wait to call your mortgage lender. Many people in this predicament want to wait to call, hoping their financial problems will become better before they miss too many payments.

Yet, if you do call your lender now, and your financial problems do go away too -- then there is no harm done.

But, if you wait until the "last minute" and miss too many monthly mortgage payments, your mortgage lender may not be able to work out alternative methods to help you keep your home.

It is unfortunate, yet many people who lose their home to foreclosures did NOT call their lenders when problems began. Many people did NOT return their mortgage lender's calls or letters inviting them to discuss alternative payment options.

Their mistake was waiting too long.

If you call your mortgage company now, they may be able to give you temporary financial relief -- it depends on your financial situation. Yet you will not know unless you call.