It seems you cannot go anywhere today without hearing about the housing crisis and people losing their homes to foreclosure. These home owners did not get this way overnight, it usually started with an increased adjustable mortgage rate that caused one late mortgage payment they could never recover from. If you are a home owner that already has a late mortgage payment you could be headed for the same fate the some many other Americans have already painfully experienced. However you do have options to refinance before its to late, in the next few paragraphs you will learn how to refinance when you have past due home loan payments.
The best thing to do when you realize that you are going to be late on your mortgage payment is to contact the lender to see if there is anything they can do to help you. Some ideas of things they may be able to do are suspend a payment or two, to allow you time to regain control of your finances, reduce the required payment for a month or two, or possibly even modify your loan and add the potential late payment to the back end of your mortgage so that you do not end up with a late payment. However, it is of the utmost importance that you do this quickly and do not allow yourself to get behind first. The farther you fall behind the harder it will be to do anything to catch up and get back ahead again.