If you are skipping multiple mortgage payments, you should be concerned about your financial situation. There are several important reasons why you may want to take action to improve your situation or to work out a payment arrangement with your mortgage company.

Periodically, many homeowners will receive a rather sizable amount of extra cash. This may be from a bonus from your employer, a refund on your tax return, a financial gift from a relative or something else altogether. Before you make your decision about how to spend your money, consider what impact your lump sum payment will have on your mortgage.

Typically, a mortgage lender will include a request for least the last two to three years of your income tax returns with this documentation. There are several reasons why a lender may need to review your tax returns and why you should provide requested documentation as soon it is requested.

While you may feel as though you have taken the preliminary steps necessary to prepare yourself to buy a home, it is important that you also get a mortgage pre-approval letter for your financing before you starting hunting for that perfect house or condo.