I frequently get calls from people who for various reasons have found themselves unable to meet their payment obligations. Whether they are having trouble making their mortgage payments, paying credit card or telephone bills, my advice is ~ avoid missing payments at all costs!
So how do you make the payments if you are short of cash? Take out a loan, borrow from a friend or family member. If you miss payments you will damage your credit. Then later, when you try and borrow it will harder to do so and more costly because your credit will be damaged.
If you have equity in your home, use it! Get a new 1st mortgage or a 2nd mortgage while your credit is good. If your cash flow problem is temporary, you will pay down the debt later when your situation is improved. If your cash flow problem is not temporary, then you need to take steps to reduce expenses i.e. downsize.
