When the Bank Calls - And You Don't Answer

Sometimes it can be difficult to keep up with the mortgage payments. When you fall behind, for one reason or another, your natural instinct will probably be to hide your head in shame and try to avoid the situation. It's difficult to call up the bank and let them know that you're having financial difficulties and it may be just as hard to pick up the phone when you know that the bank is calling to find out why your last mortgage payment was late.

Let's take a step back and remember why you were first given a mortgage in the first place. You were approved for a mortgage because you had shown yourself to be trustworthy with money. Your credit was probably good, your income was high enough to warrant an approval and you weren't carrying a high debt level at the time. You were trusted.

Fast-forward to today when you may be struggling due to current economic conditions. If you find yourself having to delay a mortgage payment while you're getting your life restructured, understand that you aren't alone. Other people are having the same difficulties and the banks are currently dealing with a number of similar situations to yours. They are counting on the trust factor to help see you both through this situation and are waiting for you to call them.

This measure of trust that you established with your lending institution needs to be maintained. The best thing that you can do when you have a hard time with your mortgage is to call up the lender and let the company know what's happening. The second best thing you can do is to answer the phone when the bank calls and be honest with your answers. The worst thing you can do is to ignore everything completely and pretend that it will all just go away. It won't and things will get worse if you don't confront them.

When you're talking to the bank, let them know about your current financial situation and any solutions that you may have in mind to correct it. The bank doesn't want to foreclose on your house because it will cost them money - a lot of money! They want to work with you to resolve the situation and can only do it if you are willing to communicate.