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What to Do if You Are Late on Your Mortgage Payments

If you and your family are having financial troubles, there’s a good chance they will show in the form of a late or missing mortgage payment. Our bankruptcy attorneys near Rockford, Il know how stressful it can be to pay a timely mortgage month after month. If you realize that you will not be able to pay your mortgage on time for a particular month, here are the steps that you should take.

Contact Your Lender

Make sure you are aware of what your monthly due date is as well as what late fees there will be if your payment is late. Although it may seem like you will be able to make the payment, unexpected things in life can disrupt your plans. Divorce, salary cuts, a job loss, medical expenses, job relocations and more can all play a part in your ability to pay your mortgage. If something unexpected comes up, it is best to write to your lender before the day that your payment is due and explain your problem and when you will be able to make a complete or partial payment. Although you might feel embarrassed about being unable to pay your mortgage, it is better to address the problem head-on before the situation worsens.

What Happens After You Miss a Payment?

Missing a mortgage payment will first result in late charges and other fees once your grace period is over. Your credit score will then drop as a result of a late or missing payment. This will have an impact on your ability to obtain future employment or insurance coverage. Loan acceleration comes next, which is typically the step that leads to a foreclosure. Finally, foreclosure and deficiency judgments are the final steps that take place if you are unable to pay your mortgage.

How Can Our Lawyers Help?

Finding a reputable bankruptcy attorney near Rockford, Il is an important step in addressing your financial issues and getting back on track. We are well-versed in helping a wide range of clients with their mortgages, finances and more. If you have questions or if you are struggling to consistently pay your mortgage on time, contact the Crosby Law Firm, where we will cater to all of your legal needs.

Call us now to get the legal advice you need.(815) 397-2006

Client Testimonials

Very thorough and professional. Staff is detail oriented, kind and compassionate. Handled my case quickly, saving me thousands of dollars. 10/10 would definitely hire again.

Denny Sanders


Client Testimonials

The Crosby Law Firm, specifically Danielle Burza- Smith helped me with my landlord and estate planning issues. Danielle explained everything really well! Would definitely recommend!

Staci Donald


Client Testimonials

Really good firm !!! Everyone there has made me feel welcome and when talking to attorney I feel like I’m talking to a friend. Staff is polite and very accommodating not to mention they always answer all of my questions and have never made me feel degraded because I don’t understand legal lingo like another firm did to me. Highly recommended !!!

Nicole Almond


Client Testimonials

I didn’t have to wait long to be seen. The staff was very friendly. I’m confident that they can handle my problem.

Don Kristofek


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