What To Do If You Cannot Make Your Mortgage Payment

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What to do if you cannot make your mortgage payment

Is something happening in your life which is making paying your mortgage harder than usual? Are you scared your house may be foreclosed on? Then we have complied some tips and information for you. When a person is unable to make their payments, the lender is able to take foreclosure action against the home 2-3 months after the payment is due in order to sell the home and recover their money. If you find yourself in this situation, seeking the help of a housing counselor and communication with your lender quickly is the most important things you can do. This can be harder than it seems, however, even if you feel embarrassed or scared, do not waste any time seeking help, so you can begin working with your bank or lender in order to avoid foreclosure. Click here for a time line on how foreclosure works in the state of KS. Below are three steps you can take to help to keep from finding yourself in foreclosure.


Step One – Contact your lenders.

As soon as you find yourself in the situation where you’re going to have trouble making your mortgage payments you should contact the lender and inform them of your financial trouble, and see what options they have available to you. Some lenders such as government backed lenders are required to work with you, while non-government back lenders have a little more discretion. Either way keep the lines of communication open with your lender starting early on.


Step Two – Seek government approved free help.

According to USA.gov website and the Kansas Attorney General Website, individuals are able to receive help by calling 1888–995–HOPE or HUD at 1-800-569-4287 24 hours a day.  Both of these numbers will allow you to be connected with a customer service representative who will refer you to the appropriate local program who can help you with your specific needs. These programs provide home owners with free counselors, advice and assistance to help you figure out what option is best for you.


Step Three – Avoid scams and Scammers.

The two websites and toll-free numbers listed above are your best bet to make sure you are speaking with legit services. Make sure you’re working with government approved and funded agencies. When it comes to stopping a home from being foreclosed on real help is always free. If someone is charging you thousands of dollars to help you save your home it is a scam.  Especially if they’re asking for the money in advance. Charging fees in advance for a mortgage modification is illegal. Also remember only your bank or lending institution is able to grant a loan modification. This means that no third-party can guarantee or preapprove any mortgage modification application.  If they do, it is a scam and you should avoid working with that company.


These three simple steps will help to keep you from losing the home you have worked so hard for. Consumer Credit Counseling is a HUD approved agency and we would be happy to assist you in any of these matters. Be sure to reach out to our office, either by email at cccswichita@kscccs.org or give us a call at 316-265-2000.