Paying your bills on time is very important. When you miss making your payments, you can lose property or be fined excessive fees. It is important that you stick to a budget and make sure your payments are received on time. However, people can run into hard times. Unemployment, divorce or medical emergencies often begin financial crises. If you begin to experience difficulties, it is important that you talk to your mortgage lender and creditors to let them know. They should be able to help set up payment plans until you can get back on your feet. Your absolute last resort is foreclosure or bankruptcy.