If you are a home owner who has found yourself unable to pay your mortgage payment the first thing you will want to do is to contact your mortgage provider and let them know what is going on.
Delaying what you know to be the inevitable will only reduce the options your lender will have for you. As soon as you know you won't be able to pay, call!
Failure to make your mortgage payment will result in your lender reporting the mortgage lates to the credit reporting bureaus. Your initial late payment may result in a 30 day late which can bring your FICO scores down. If you do not clear the delinquent payment, then 60 day, 90 day, and 120 day lates may be reported as well which can lead to possible foreclosure of your home.
Too often people who are unable to make their mortgage payment wait until its too late to contact their current mortgage lender. You do not want to wait until you have fallen 2, 3, 4, or even 5 months behind on your mortgage to contact your lender.
You are not the first person to be in this situation and it is in both your and your lender's best interests to work something out that will suit the both of you.
Sometimes it's best to refinance before you become more than 60 days late. usually some unforeseen situation causes you to be 1 month behind. from that point on, it's almost impossible to catch up. if you refinance, you get a fresh start and get to miss at least 2 months of payments
If you have equity in your home you stand to lose your down payment and years worth of mortgage payments. If you do not see your situation improving soon, it may be time to contact a Realtor to see if selling your home quickly is a better idea than losing it to foreclosure.
If you are expecting that you are going to miss your next mortgage payment, calling your lender only helps a little bit. Inability to make this payment generally means that the payment is too high for your current financial situation, and you really need to immediately contact a mortgage professional to discuss refinancing quickly before the payment is missed. With each successive missed payment, your refinance options are limited exponentially, and you will wind upo paying MORE not less to dig yourself out. Refinance ahead of time when money getstight and get into the lowest payment mortgage you can qualify for. Missing even one payment will eliminate you from eligibility for the lowest payment option type mortgages, which can be a lifesaver when you need the breathing room.