While the amount of foreclosures has hit a new low, it is still a problem for many Americans who simply cannot afford their own homes. Once you begin missing payments, the foreclosure process can be much quicker than you’d expect. That is why it is extremely important to stay on top of your payments. If you get behind or miss some, it is vital that you are proactive in making it up. George Souto at the Active Rain blog has some advice for those who may be in danger:
60 days late on a mortgage payment is the point of no return for homeowners.
One of the most important things that a homeowner needs to do as soon as they realize they will not be able to make their mortgage payment is to contact their Lender, and workout a REALISTIC payment plan which will allow them to stay current or catch up if they are already late.
Homeowners who are behind on their mortgage should also seek the help of a free financial counselor like the ones provided by the Department of Housing (HUD)