What to do when You’re behind on your Mortgage

Desperation is where many are finding themselves because of the inability to make their mortgage payments. This situation is not limited to the USA. Global economic unrest has caused other nations like the UK to hear the cries of those burdened by financial duress as evidenced by this report: UK Mortgage Crisis

Anyone in this situation around the world would welcome the following advice:

Speak Up. Initial reaction from one found in this situation often is to retreat and close down all communications. This is a recipe for disaster. Should you find yourself in this predicament, your first step towards getting help should be to pick up the phone and make a call. It should be of comfort knowing that mortgage companies have already anticipated these difficult times and are in position to help. Losing your home would be the outcome of inaction, but also the mortgage company stands to lose money. Given this reality, they are more than ready to work with you in order to help you keep your home.

Take Action. In addition to contacting your mortgage company, you need to institute other activities as well. Telling your family of the serious situation in which you find yourselves is a first step. There is no reason to impose emotional stress of the prospect of losing your home into an already volatile financial crisis. Start the conversation with a frank discussion of the facts and then resolve to work together to prevent the loss of the home. Part-time work might be needed in order to bring in extra money to meet expenses. Most of us have extra items lying around the house that can be sold and the cash used towards paying the mortgage and other bills. Creativity in bringing in extra income will result in surprising gains.

Lower Expenses. Debt Consolidation programs exist to help you meet your unsecured debt obligations. Searching out the most reputable company to perform this function can be a chore. There are many companies who would like to take you as customer, only to deliver on less than they promise. Care must be taken in choosing such a plan.

Lowering expenses is just a part of an overall effort to bring your income and expenses into balance. Most households can find unnecessary expenses with little effort. Look for those which do not affect your ability to survive, but just add to your quality of life. Things like the cable TV bill or an extra unnecessary cell phone are good places to start your search. In fact, you will miss these little extras very little while seeing your overall financial picture improve greatly each month.

Taking a realistic view of your finances and making changes to help be able to meet your monthly mortgage payment will pay off if you are diligent. Nothing replaces hard work and determination and you will be amazed at the amount of results you will begin to see from your efforts.