Having trouble paying your mortgage?  You aren’t alone.  According to RealtyTrac, 1 out of every 134 homes filed for foreclosure in the first half of 2007.

More and more, though, mortgage companies are doing their best to work things out with delinquent homeowners.

Loss of a job or a sudden medical emergency are just some of multitude of reasons that forces an otherwise responsible borrower to find themselves in difficulty. 

What’s important to remember is that you are not alone, and there are people you can talk to.  Remember: foreclosure is a difficult and expensive proposition for a mortgage company and it wants to avoid the foreclosure process as much as you do.

If you are having trouble making payments — before you fall behind! — call your mortgage lender and explain to them your situation.  The lender will likely put you in touch with credit counselors and will usually attempt to work out a payment plan with you.

Never miss a payment (or make a partial payment) without first speaking to your lender because no news is bad news in the case.  The lender will assume the worst — that you plan to never make a payment again.

People with excellent credit are burdened with bad luck all the time so don’t let a temporary problem destroy your credit or threaten your home. 

No one benefits from drastic action taken against you, so give the lender a call and work things out to everyone’s satisfaction.


Tony Gallegos – Serving the mortgage needs of Kennesaw, Marietta, Roswell, Smyrna, Powder Springs, Dallas, Acworth, Woodstock, Douglasville, Hiram, Austell and Atlanta. Subscribe to The Mortgage Cicerone:


One thought on “Why Alerting Your Mortgage Lender About Bad News In Advance Is Better Than Surprising Them

  1. Well said!

    The banks would rather know you have hit a tough spot. Why? So they can repackage your loan, so you will be less likely to default.

    Makes excellent sense to talk with your bank if you can not see light at the end of tunnel.

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