Morgage Payment Advice if You are Behind - The Bills.com Blog

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Morgage Payment Advice if You are Behind

Question: I am behind on my mortgage payment by 2 months and owe approx. $4500 (I only have around $2500 to pay towards it) and my credit cards are at least 3 months behind, I just can't get out of the quicksand. HELP!! The income is there, but I am so behind I just can't make it stretch.

Answer: You are just one of millions of consumers that arebecoming aware of the credit cancer that infects your financial health. In particular, falling behind on your mortgage can become a slippery slope (risk of ruining your credit and getting your home foreclosed on) and if you want to keep your home, I'd recommend not paying your credit cards and putting everything you can into getting current on your mortgage and then dealing with your unsecured debts last.

If you have equity in your home, I'd highly suggest trying to refinance your home and payoff the debts and also get back current on your mortgage. I can tell you that with mortgage lates (and an impaired credit rating) it might be very difficult to get a refi...

If you want to try to refi and get an introduction to pre-screened mortgage lenders, Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs. Click on Mortgage

Refinance Quote

If you find that you do not qualify for a conventional refinance loan or a reverse mortgage, you may want to consider selling your home. While I know that selling the home that you and your late husband lived in may be an unpleasant thought, selling the home on your own terms is certainly preferable to the possibility of losing the equity you and your husband have worked to build in foreclosure proceedings. If you think that selling your home may be the best course of action to take, you should speak to a real estate broker to determine the current prices in your neighborhood and whether or not selling your home is a wise decision under current market conditions.

Without knowing the intricacies of your debt situation, I must reply to your posture that "the income is there?" Obviously the greatest impact on your credit and personal situation is the risk of losing your home (installment credit). Your credit

card revolving debt has the least amount of impact; but also the quickest resolve.

You may take a closer look at your revolving credit card debt to see if a settlement (reduction) of your credit card debt obligations would relieve your monthly revolving obligations enough to catch the delinquency of your mortgage? With the elimination of a great portion of your revolving obligations, your mortgage delinquency may be healed!

Very quickly, if you want a free debt consultation with one of Bill's approved debt help partners, click here: Debt Relief Savings Quote

To read more about foreclosure, I invite you to visit the Bills.com Foreclosure page at http://www.bills.com/foreclosure/

I hope this information helps you Find. Learn. Save.

Best,
Bill
www.bills.com

Also, make sure to get a free financial health check-up with Bills IQ!

User Comments

1. Posted by henry on Thursday 28th February 2008 08:06

can you do a loan if someone behind on there mortgage plus have a low fico score if you tell me how fast it can be done

2. Posted by bill on Thursday 28th February 2008 10:27

You can use the Bills.com savings center to search for lenders who will be willing to work with you based on the information that you provide. For debt help, please visit the following page: https://www.bills.com/debthhelp/debt/

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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