Falling behind on your mortgage?

Why do people fall behind on mortgage payments? Two reasons:

1.  They fail to understand the true cost of owning a home, which includes not only a mortgage payment, but costs associated with insurance, taxes, utilities, maintenance, etc.

2.  They fall upon a hardship of some kind, such as loss of job, illness/injury, death of family member, divorce, etc.

If you're having a hard time making your mortgage payments, now is the time to take a good look at your situation. First, figure out what you owe and what you earn. Cut back on all unnecessary spending. Next, reach out for help. In a down economy, you can be sure you’re not the only one having this problem. Many families are finding themselves in the same situation, many times because of circumstances beyond their control. The important thing is, don’t wait. Things very likely will not get better without help of some kind. You can start by contacting your borrower.

Contact your mortgage lender as soon as you realize you're unable to make your payments. Explain your situation. Any type of foreclosure scenario is unpleasant for them as well. They want you as a customer for future business, so helping you helps them. Most lenders will work with you, and many have options for just such cases. But remember, the farther you get behind in your payments, the fewer options you’ll have.

Your credit union is a great place to look for help. The rallying cry of all credit unions is People Helping People. Our number one priority is our members; they own the credit union. We’re here to help. We want to see you succeed, because when you succeed, all credit union members succeed. This is the very foundation of a cooperative.

Once again, if you’re finding yourself having a hard time making your mortgage payments, the important thing is to seek help early. You're not alone.