I Can’t Pay My Mortgage What Do I Do? – What to Do When You Can’t Pay Your Mortgage
I don’t have the money to make my mortgage payment. I Can’t Pay My Mortgage What Do I Do?
Take Quick Action at the First Sign of Difficulty
When financial circumstances impact your ability to make regular mortgage payments, address the issue immediately. With early intervention, cooperation and a well-executed plan, you can work together with a mortgage professional at GVCPS to find a solution to your financial difficulties.
GVCPS offers free consultation regarding different options to keep your mortgage in good standing with your lender and to avoid foreclosure. In every case, the options available to you will depend on your individual financial circumstances.
Here are two ways GVCPS may be able to help you stay in your home while you resolve your financial difficulties:
Short-Term Financial Difficulty Can’t Pay Mortgage Option:
If you are temporarily unable to pay mortgage payment in full, your lender may be willing to enter into a forbearance agreement with you whereby you and your lender work together to potentially avoid a formal foreclosure proceeding. Your lender will delay their right to exercise foreclosure if you can catch up your missed payments in a certain time period. The time period and the payment plan of the forbearance agreement will depend on the details that are agreed upon by you and your lender.
Long-Term Financial Difficulty Can’t Pay Mortgage Option:
If you can’t pay your full mortgage payment indefinitely, your lender may agree to offer a modification of mortgage. Your lender may agree to adjust your monthly payments and the loan period to reflect changes in your financial situation. The interest rate may be modified from an adjustable rate to a fixed rate and penalties may be waived.
What if my lender will not enter into a forbearance agreement or modification agreement and I can’t pay my mortgage loan? I still have mortgage problems and need solutions, what are the options?
If your lender will not enter into a forbearance agreement or modification agreement with you and you can’t pay your mortgage, ask a Mortgage Problems and Solutions professional at GVCPS about other mortgage options that may be available. Depending on your circumstances, mortgage refinancing or second mortgage options may help in managing your financial situation.
When Is It Too Late?
Address any difficulties you are having with your mortgage payments immediately. Acting fast will help to keep your best options open to resolve your situation and to avoid foreclosure. Do not wait until you receive telephone calls from your mortgage lender or a formal demand letter from your mortgage lender’s lawyer regarding your missed mortgage payments, by then, the formal foreclosure proceeding has started and your lender may be unwilling to accept any outstanding payments from you.
Our Company specializes in taking over mortgage payments and the property associated with it for people who require a solution to their mortgage and property situation. We successfully take over mortgages and properties and provide immediate solutions that enable people who need to move on from their situation to keep their former monthly mortgage payment in their pocket or bank account.