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5 Ways to Catch Up on Your Mortgage Payments

July 20, 2012 by     Checklists, Financing

Avoid foreclosureIf you’re late on your mortgage, you need to take action as soon as possible. Unlike other unpaid loans, which may give you the leeway of several months of letters and collection agency calls, if you don’t pay your mortgage on time your lender can foreclose upon your home. If you’ve missed a mortgage payment, the very first thing to do is contact your lender, explain your financial situation, and let him know that you are willing to do whatever you can to make up missed payments. Luckily, most lenders will try to work with you; they want you to pay off your debt just as much as you do. That being said, finding ways to catch up on your mortgage payments is paramount, and following the list below can help you along the way.

Track Your Spending

If you don’t know where all of your money is going to, you’re going to have a difficult time cutting back spending efficiently. Trace back last week’s bank account transactions online and make a list of the items you’ve spent the most money on. Calculate about how much you’re spending on these items each week based on the example week you’ve studied. Review the list you’ve made and cross off any essential items, such as gasoline, groceries, or household cleaning items, that you simply can’t cut back on. The end result will be a list of nonessential items and how much extra money you typically spend on them.

Cut Unnecessary Expenses

Now that you’re aware of your unnecessary spending, it’s time to cut back. Fast food expenses can add up quickly, even if you buy from the dollar menu. Instead of eating out, start preparing your meals and bringing them to work. You can even use this as an excuse to learn how to cook your favorite meals. Other nonessential items include video games and electronics, new clothing that’s not for work, manicures and pedicures, drinking in bars or purchasing expensive alcohol, indulging in unneeded grocery snacks, and paying high salon prices to get your hair colored or highlighted.

Garage Sale

You can also try alternative ways of raising money to make mortgage payments. If you have excess clothing, electronics, or furniture; host a garage sale. This will eliminate home clutter as well as pay off debt. If you’re paying for a storage unit, you can save money by both selling what’s in the unit and eliminating the monthly unit payments.


You may be behind on your mortgage because you’re stretching your paycheck across other bills as well, such as cover utilities and student loans. If this is the case, put your mortgage first and try to get a forbearance on your other debt. Forbearance is when your lender agrees to temporarily reduce or postpone payments on your debt; usually you agree to make up all missed payments in a lump sum when your finances are sorted out. Temporarily reducing or postponing other bills can give you the time and money you need to catch up on your mortgage payments and avoid foreclosure. There is also a chance you can get a forbearance on your mortgage payments if your loss of income is due to something such as illness or injury.

Repayment Plans

After following the above steps to reduce your spending and other debt, talk to your lender and request a repayment plan. A repayment plan most commonly means that you make an agreement with your lender to continue making your regular mortgage payments with a little extra tacked on to make up for missed payments. For example, if your mortgage is $1200 a month, you may be required to pay an extra $200 each month until your mortgage payments are up to date. Though this plan is most beneficial to those who can afford to pay an extra couple hundred dollars each month, if you effectively reduce unnecessary spending, chances are you’ll be able to make up the difference and catch up on your mortgage.

With these simple tips we hope you can catch up with your mortgage payments in no time. To stay up to date with real estate information and advice subscribe to our blog.