Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
A delinquent mortgage occurs when you do not make your mortgage loan payment on time. If you are having trouble making a payment, you should contact your mortgage lender before the loan becomes delinquent. They may be able to arrange a temporary solution so that your credit rating does not become affected by the late payment. If the problem persists, the lender may have to foreclose on your loan.
If you cannot make a mortgage payment on time, contact your mortgage lender and ask them to give you an extension on your loan. Most lenders will do this for up to 60 days, on a case-by-case basis. You will pay a partial amount of your payment, possibly the interest, but it depends on the lender. This will allow you to maintain your credit rating by avoiding the delinquency.
If the reason you are unable to pay the full amount is permanent--if, for instance, serious medical problems have occurred--call your lender to see if they can arrange a mortgage modification. This is a permanent reduction in your loan payment, usually accomplished by extending your loan term. The monthly savings can be used to help pay your other debts so you can preserve your credit rating.
- Low Down Payment Loan Qualification
- Second Mortgages: Advantages and Disadvantages
- FHA Loans for a First-Time Home Buyer
- Short Selling a Rental Property
- 3 Factors that Can Negatively Affect Your Mortgage Application
- 3 Warning Signs of Loan Modification Scams
- 3 Common Short Sale Mistakes
- Alternatives to Getting a 2nd Mortgage
- How to Get Approved for an FHA Loan despite Bad Credit