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Most lenders will work with you to help prevent a mortgage delinquency from occurring. You will need to be proactive and arrange your finances to maintain your payments on time to keep your credit in good standing.
Step 1--Contact Your Mortgage Lender
Let your lender know you are unable to make your monthly payment. They can arrange a loan extension to help you avoid becoming delinquent. There is a fee, but it will be an amount lower than your mortgage payment.
Step 2--Determine the Reason for Your Late Payment
Figure out why you are unable to pay your mortgage payment. If the reason is temporary--for example, an unexpected loss of employment--you will need to make additional arrangements with your lender to preserve your credit rating.
Step 3--Resolve the Problem
Consider a consolidation loan to free up some cash that can be used to make your mortgage payments on time. Cut back on your purchases until you are able to cover your monthly expenses.
You can also request a mortgage modification if you have suffered a hardship. The lender will restructure your loan so the payments are affordable. If you recover from your hardship, you can then increase your monthly payments to help save on the long-term cost of the loan.
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