Peter Fortunato sent over an interesting article with a Q & A about getting a forebearance agreement for your mortgage. What it that? It’s when you know you can’t make your mortgage payments so you ask the mortgage company to suspend your making payments for 3-6 months then modify the payments once you are out of forebearance. There ARE consequences that you need to be aware of if you enter in to this type of program with a traditional lender (bank) but it is much easier if you are working with a private lender or you purchased with seller financing.
It’s better to be up front and honest with the lender if you will have trouble making the payments instead of just ignoring the problem.