A single miss on your mortgage payment can be catastrophic but it may continue on and go out of control. Everyone should be ready to avoid having their bills pile up and pretty sure, no one wants to end up facing a bankruptcy or a foreclosure. A defaulted mortgage loan will have you losing more than you think; you will get a low credit score, a bad credit rating as well as working with future financial transactions. Here are some tips and guidelines for you to follow to keep your mortgage loan from getting a default.

1. Rather than worrying about the damages that it may incur, you have to find a solution and work on fixing it as soon as possible. People often get a wake up after the third or fourth missed payments which is apparently too late, and it may have caused a lot of damage already.

2. Put your situation into writing and send it to your lender. It should be brief yet concise. Explain the reason of the delinquency etc.

3. Be polite to your lender and try to agree on a solution that will help you out. You may have your due date extended for a few days of even months and you will have enough time to finding a solution to get it fixed.

4. There are other options and solutions out there that will help you out big time so don't give up just yet. Don't go for a short sale (a short sale is when a bank agrees to sell your home for a very low price); in fact, a short sale should be your last resort.

5. Even though you have agreed to go for a short sale, don't expect that you'll get approved for it easily you have to be experiencing a really tough involuntary hardship (income loss, no job, bankruptcy, foreclosure and many more). Banks would usually ask for a two year tax return record, bank statements, and other important papers that may serve as proof to your financial disposition.

6. Foreclosure and bankruptcy should be your last resort no matter what happens. This will stay on your credit reports for seven years and it may even take four years for the buyer can make use of regular interest rates again. Missing the payments on your monthly mortgage bill will also stay on your record for seven years and you won't easily it off of your record even if you've paid your mortgage down, so it is always best to pay on time all the time. Avoid hurting your credit score because this will only make things harder for you in the future. The lower your credibility is, the higher the interest rates and the chances or denied applications you will get.

Follow these tips to avoid missing out on your mortgage payments and make your financial life worry free and manageable.