If I Make an Effort to Pay My Mortgage, Can They Foreclose on Me?

Millions of people find themselves behind on their mortgage and in a situation where they owe much more on their loan than their home is currently worth. While some homeowners will look for an immediate solution that's provided by a short sale or even bankruptcy, others continue to make valiant efforts to pay their mortgage by offering as much as they can to stay within shouting distance of their monthly payments.

However, many are simply not sure if making an effort to pay their mortgage is enough to prevent the initiation of a foreclosure. If you find yourself in this situation, the best immediate step you can take is to contact an attorney to schedule a consultation and to review your options, both immediate and long-term in nature. In the meantime, below are a few items relating to what can happen even if you are making an effort to pay your mortgage.

Effect of Making Partial Payments

Some homeowners make an effort to pay their mortgage by sending what they can to their lender on a month to month basis, even if it doesn't cover the entire amount that's due. If you simply do this without any sort of communication between you and your lender, it's likely that you'll get the payment sent back to you rather than have it apply to your loan.

In a technical sense, a mortgage can go into default as long as it's not current, and it doesn't necessarily matter if the loan is behind by thousands of dollars or just a few dollars. Delinquency is an absolute term in a sense, so 'only being a little behind' is not a situation that will preclude a foreclosure.

Be Proactive

If you do fully intend to work towards paying your mortgage but find yourself short for whatever reason, then you need to make sure that you communicate with your lender. If your lender understands that, for example, the next two payments will be a bit short of the required amount, they may be willing to accept that on the understanding that you'll catch up within a defined period of time.

Otherwise, if you're not sure if you'll be able to get around a temporary shortage of cash, then you need to seek professional help so that you can properly negotiate with your lender. The Arizona mortgage modification attorneys at Phillips & Associates have helped many people get out from under their serious mortgage problems, and you need specific answers as soon as possible to work towards a solution to your own situation. Contact the firm today to get your mortgage loan modification process started today.