Consumers, unable to handle their monthly mortgage payments often do not acknowledge the seriousness of the problem early enough to do anything proactive. Instead, most people take on credit card debt and may even refinance (using the equity in their home) to pay their mortgage. Not long after that, most people find themselves in a far, far worse situation. Collection agents are calling multiple times every day, the bank is foreclosing on the house, credit card limits have been reached and the homeowners lose their home nonetheless. Instead, contact the lender immediately and let them know that you are about to start missing payments and that you’d like a short-term fixed rate on your mortgage. Bankruptcy And Debtor/creditor: Examples And Explanations (Examples & Explanations)

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