What Happens If I Stop Paying My Mortgage?

Mortgage delinquencies are rising sharply, especially among first-time homebuyers, military members, and veterans. With serious delinquencies at their highest level in nearly two years, many Arizona homeowners are facing tough decisions.

The Consequences of Missing Payments:

1. Payments are late after the 15th of each month, triggering penalties and lender correspondence.

2. After 30 days, missed payments are reported to credit bureaus, causing a significant credit score drop.

3. Foreclosure proceedings often start after about six months of nonpayment in Arizona.

Better Options Than Foreclosure:

1. Forbearance: Temporary payment pauses during financial hardship.

2. Modification: Adjusting loan terms for more manageable payments.

3. Repayment Plans: Catching up on missed payments over time.

4. Short Sale or Deed-in-Lieu: Alternatives to foreclosure if staying isn't possible.

Act Now:

If you’re struggling with mortgage payments, don’t wait. Need help navigating your options in Arizona? Reach out today for expert guidance and local resources to protect your home and credit.

📞 Contact me today at +1 480-298-5551 for a free consultation on your mortgage options in Arizona!