If you have missed any of your loan payments, you need to check whether they are safe or not safe in your home. If they are secured so they need to be dealt with as soon as the lender has the power to take possession of your property if they are not paid.
We will discuss the secured loans and what to do if you miss a payment. You can also surf internet to know more about commercial mortgage arrears loans.
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Call your lender:
The first thing you do is you need to contact your lender to confirm the amount you owe and the steps that intend to take to pay them back.
Most creditors tend to repossess a property's payment plan, but a dialog between lenders and mortgage owners is required. It is very tempting (and common) for people in arrears to hide their heads in the sand instead of facing up to the situation, but the steps that have already been taken with good will.
Practically every lender must:
1. Have a written policy on how to deal with customers in arrears;
2. Allows customers to set up a realistic payment plan
3. Send information about arrears on a regular basis;
4. Do not put pressure on customers through too many calls or letters.