Missed Payments and a FHA Mortgage

If you are one of the many people who have missed a mortgage payment, there is some important information regarding FHA loans and missed payments that you should know. The FHA offers loans to people with low to moderate incomes to purchase a home with no money down.

If you have missed a mortgage payment, here are some facts you should know:
  • There are certain circumstances in which the FHA will not begin foreclosure proceedings 90 days after a missed payment. For example: if you miss a payment, but you can make up the payment within 90 days, your home will not be foreclosed. However, you must meet the FHA's criteria for an acceptable reason for a missed payment.
  • You must CONTACT YOUR LENDER and the FHA if you miss a payment. Do not ignore the FHA or their attempts to resolve the issue. You will not be the first person to miss a payment, and if you explain your circumstances to them they may be able to help you avoid foreclosure.
  • Many mortgage lenders offer re-payment plans where if you missed a mortgage payment but are now back on track you can pay a little extra every month for 6-12 months and make up the mortgage payment that way rather than in one lump sum.
  • The FHA offers a one-time mortgage assistance program through the FHA insurance fund to help you get back on track if you miss one payment. To qualify, the missed payment must be at least 4 months, but not more then 1 year, delinquent.

Avoid Foreclosure

If you have missed a mortgage payment and want to avoid foreclosure, contact your lender and the FHA to discuss your options for getting out of default.

Read more about FHA Credit Issues.

Get Mortgage Loan Quotes Now
  • Free Quotes
  • No Hidden Fees
  • No Obligations
  • Refinance
  • New Home Loan
  • Home Equity
  • Debt Consolidation

Compare Mortgage Rates