What happens if I miss a mortgage payment with Allied Home Mortgage Corp.?

If a borrower misses a mortgage payment with Allied Home Mortgage Corp., several important consequences may arise. Initially, the mortgage servicer will typically attempt to reach out to the borrower to remind them of the missed payment. This contact may occur through phone calls, emails, or letters. It is crucial for borrowers to respond to these communications, as there may be options available for discussions regarding their situation. If the missed payment remains unresolved, late fees may be assessed. This can increase the overall amount owed significantly. Continued missed payments may lead to further action, such as the loan being reported to credit bureaus, negatively impacting the borrower's credit score. Ultimately, if multiple payments are missed, the risk of foreclosure increases. The servicer may initiate a loan modification process or provide details about alternatives, such as forbearance or repayment plans, depending on the borrower’s financial circumstances. Borrowers facing challenges in making payments should take proactive steps and be sure to check the current Allied Home Mortgage Corp. website for specific policies and contact information to discuss their individual situations. It is crucial to address such issues as early as possible to avoid more serious repercussions.