Bad news first: It is so difficult to catch up on late mortgage payments.
The good news: If you have the income, your mortgage company may work with you to help you catch up on the payments.
More bad news: It’s not that easy to get your lender to help….even if they have the ability to help.
Good News: There is no “did not pay mortgage jail”. All they can do is hound you via non-stop phone calls, people knocking on your door, and eventually foreclosure. The worst that could happen is being sued for the deficiency after the foreclosure….which in Florida, they can do and many bank will do.
Over 6 million home owners are behind on payments. That is a HUGE number! Because of this, the mortgage companies are flooded with request for help.
If you can’t pay, you really only have a few options:
- Mortgage Modification: Almost impossible if you have no income or heavily reduced income.
- Short Sale: Sell for less than is owed.
- Foreclosure: Do nothing, and your bank will proceed with a foreclosure.
- Bankruptcy: File bankruptcy by consulting with an attorney, and you’ll be moving out very quickly.
If all you have is an income and mortgage expense problem, or you are being relocated by your job, or you are moving do to medical or family medical issues, a short sale is most likely your best option. Take the time, study our free guide: How To Short Sale.