How to Stay Current on Your Mortgage
If you fail to make a mortgage payment, it is possible that the home will be foreclosed upon. However, this doesn’t mean that you should resign yourself to losing your property if you’re struggling to make mortgage payments. Let’s take a look at some things that you can do in an effort to stay current on your loan or get out from under it.
Talk to Your Lender Immediately
Get in touch with your lender the second that you know that you won’t be able to make an entire payment on time. In some cases, it may be possible to have the due date of that payment pushed back until your next paycheck or whenever you can make it. It may also be possible to have any unpaid portion of your current payment rolled into your next payment or spread out over the next several payments.
Try to Refinance the Loan
Refinancing your home loan could make it possible to lower the interest rate charged by the lender. Having your interest rate lowered by even half a percentage point can reduce your monthly payment by hundreds of dollars per month. Another option is to have the loan’s term extended by several months or years. This will result in more interest paid overall, but your monthly payment will be lower since you will be making more of them. A loan officer in Las Vegas may be able to talk more about the exact process of refinancing your loan.
Sell the Home
If you can get your loan modified or refinanced, it may be necessary to sell the property or look for a roommate. You can choose to sell the property up until the time that a foreclosure has been completed. Generally speaking, it can take up to two years or more for the process to play itself out.