We are currently living in uncertain times. Many people don’t know when their next check is coming or how they are going to pay their bills. If you are one of those people and your mortgage is one of those bills, reach out to your servicer immediately. Even if you don’t exercise one of their options right now, it is good to know what options you do have if these restrictions continue too long, and your mortgage is in jeopardy of not being paid.
The worst thing you could do is not call them, not make your mortgage payment, and go thirty-plus days late. Once you’ve gone late, not only may they not be willing to work with you, but you cannot refinance, in most cases, until you’ve had no mortgage late for twelve months. Your credit score will plummet, and if you continue not making your payment, you could face foreclosure.
Not sure whom you should call? Reach out to us, and we would be happy to help you figure out who you need to call. Have other questions? We’re delighted to answer them, find the answers, or help point you in the right direction. We are here to help you make sense of the things we can, during this time.