What to do if you are behind in your mortgage payment.

There is a lot of bad information pertaining to the current mortgage crisis. You may be behind on your payment & thinking that there is nothing you can do about it. That is simply not true.

The experts at Loansquick have vast experience in the mortgage industry and at one time or another have experienced almost any situation that you can imagine. From the Savings and Loans disaster of the late 80's, the Bond market collapse of the 90's, to the current mortgage meltdown, The professionals at LoansQuick have weathered the storm. Let us help you to navigate these rough waters.

Here is some useful information in no particular order.

1) DONT IGNORE THE DEBT.

It wont disappear.  If you know you are going to fall behind on your payment, CALL LOANSQUICK right away, we may still may be able to refinance your mortgage. Do not delay, quick action may save you thousands of dollars.

2) CALL YOUR LENDER

If you know you are not going to make  payment, call your lender & tell them. Document every conversation, with date, time, who you spoke to.

The person you are speaking to may be a low level clerk or collector. If they are rude or unhelpful, ask for the supervisor. Remember the person you are talking to may be paid a commission based on how much they "collect" from you. Keep your cool, this is a stressful time, do not make it worse by arguing with someone who cant do anything for you. Calmly ask for someone with the authority to help you. If you are not getting a satisfactory response, hang up & try again.

3) CALL THE COMPANY THAT MADE YOUR MORTGAGE

If the company that is servicing your loan does not help you, call the company that made you the mortgage in the first place. If they are still in business, they may be able to direct you to the right person or department that can help you.

4) WHAT IF THE  MORTGAGE COMPANY WILL ONLY ACCEPT FULL PAYMENT

If you have fallen behind by a full payment or more, the servicer may ask for the loan to be brought up to date in full. This is an "old school" collection technique that is not only out of date in todays environment, but also can negatively affect the company that is trying to collect your payment. Document the conversation, and make the payment by certified mail or online if possible. If they return your payment after mailing it certified, Again document the transaction & keep copies of all correspondence. DO NOT SPEND THE PAYMENT. A lot of borrowers at this point think there is nothing left to do and resign themselves that they are going to lose the property. Do not fall into this trap. There are other options available to you.