What To Do if You've Missed a Mortgage Payment

Full Video Transcript

If you’ve missed a few mortgage payments, your lender will eventually start calling you and sending you letters to discuss why you have not made your payments. It is important that you talk to your lender as early as possible, explain your situation, and tell them what you’re doing to try to resolve it. Usually, after about three missed payments, your lender will send you a demand letter, which means you must pay the total amount delinquent on your loan by a certain date, usually within 30 days, or else the lender may initiate foreclosure proceedings. If you’ve missed a few mortgage payments, don’t delay. You may still be able to work out something with your lender. The sooner the better. For assistance in dealing with your lender, contact an attorney in your area today.