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What will my bank do when I start skipping my mortgage payment?

My wife lost her job and I had cutbacks at mine. I’ve done everything I can and everything the bank has asked but to no help. We have 2 vehicles that are both financed and no real assets to speak of. Does anyone know what the bank will do when I start missing my mortgage payment? Does anyone have any suggestions?

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3 Responses to “What will my bank do when I start skipping my mortgage payment?”

  1. hbf_fan said :

    They will send you nasty letters and call you relentlessly telling you to pay up. They will allow you to miss one… maybe 2 full months before they start legal proccess to take your home. Once that starts you probably have 30 days to find somewhere else to live.

    I would suggest talking to them before you miss your first payment and let them know what’s going on with you. They may have a program or some sort of refinance option that can help you.

  2. Max said :

    You’ll get a lot of phone calls and letters from them as soon as you miss a payment. It seems they have many more people staffed for this task then they do for helping people modify the terms of their mortgage.

    You should consider calling HUD at (800) 569-4287 and take advantage of their free financial counseling services. Another good place to start is the website the Federal Government set up to educate homeowners about the loan modification process. See

    Homeowners don’t need to pay a company to obtain a loan modification. However, sometimes it can be better to have someone, such as a lawyer or credit counselor, negotiate on your behalf. A good strategy is to talk to as many experts as you can prior to contacting your bank. Many of these services will give you a free consultation.

    A good site I used to begin the education process can be found at where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.

  3. Sharon said :

    Like so many people right now, me and my husband where about to lose our home

    but we went through a company to lower our mortgage payment, they also helped with

    our finances (debt consolidation). I will give you the company that we used, very

    reputable and i have a good friend who is going through the same process. Hope

    this helps:)


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