I Am 3 Months Behind on My Mortgage Payment of My Rental Property. – Janis


“Dear Steve,

I am 3 months behind in my mortgage payment on my rental property. My husband was laid off but now employed. I want mortgage Co. to rewrite loan to fixed, now at variable and cannot afford a higher rate come May. With a lower payment and tack the arrears on the end of loan, I can keep my property. I do not want them to foreclose.

Can you help me talk with my mortgage co.?I have done all but begged for help and it seems like they do not care. How long will it take to foreclose and will they put lean on my bank acct? I believe this property is Fannie Mae. Please help me somebody.


Dear Janis,

Really, it is up to your lender. If they don’t want to play nice with you then, the only way you can force them to do anything is through bankruptcy.

The amount of time it will take to foreclose, depends on what state you live in.

If the loss of the home is imminent then in all fairness you should let your tenants know so they can begin looking for a new place to live. Otherwise, the home will be foreclosed on and they will be evicted.

The new government program to help homeowners that are having problems with their mortgage is not designed to help investors. You have to be an owner occupant to be eligible. See this previous article for details.


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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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