One of the biggest mistakes consumers make when they start to get behind on their mortgage is that they wait to long to start looking for help. They wait until they are 90+ days late on their mortgage or they wait until their home is in pre-foreclosure or foreclosure before they start looking at what options they have to save their homes. By this time, the number of choices they have available to them significantly declines. Therefore, contact a mortgage professional quickly when you realize you are starting to fall behind or you are not going to be able to make a mortgage payment. The longer you wait, the more you decrease your chances of being helped.

Any payments late on any of your debts is a bad thing. Making a late payment on your mortgage is the worst. If you have to make a late payment make sure your mortgage is the first bill you pay on time. Then make the payments on your other bills by paying the minimum. Call me at 414-303-1215 to discuss you options. There are solutions that we can come up with together.

If you contact your mortgage lender as soon as you realize you may be in trouble they most likely will be flexible with you. Do not wait until the 60,90 or 120 late mark to talk to your lender.

If you get to 60 days late or behind on your mortgage payments, your options are significatly less than before. Depending on your lender and the terms of your loan, the loan servicer may initiate foreclosure as early as 60 days late.