What happens if I can't afford to make my monthly mortgage payments?

Mortgage payments should always be your top priority. If you are unable to pay all your bills, make your mortgage payment first. The more equity your property has the more you stand to lose through foreclosure. Also, late fees, collection costs, and foreclosure fees are chargeable to your mortgage account. These fees can add up quickly, compound financial difficulties, and hurt your ability to catch up after falling behind. 

When a borrower falls behind, some lenders will agree to modifications to payment terms, or agree to a forebearabce of foreclosure for a fee. Ask your lender since all are different. Many lenders are private individuals with their own financial needs.

It is important to keep in contact with your lender, they tend to assume the worst if they don't hear from you. 

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