What to do About your Mortgage if you Lose your Jo
Americans are getting back to work after a long, bleak recession. While unemployment rates have fallen in many cities across the nation, however, in a dozen or so states they have actually gone up. Despite an increasingly healthy economy, if you work for someone else there is no guarantee that you won’t find yourself unemployed.
If you’ve lost your job and feel that you can’t make your mortgage payments, don’t panic. While you decide on the next step to take, keep the following in mind.
Don’t hide from your lender. Gather up all your bills and figure out exactly where you stand financially. Know how much money is coming in every month, how much you owe to others and where you can make cuts in your budget.
Once you are clear on your financial situation, contact your lender and make a proposal. If your situation is temporary ask for forbearance until you are back on your feet. This is an agreement between yourself and the lender in which it promises not to exercise its right to foreclose on your mortgage and you agree to a plan in which you will come current on your payments over a certain time period.
If you find that you can make smaller payments, ask the lender for a five-year loan extension. This will naturally reduce your monthly loan payment. Not all lenders are willing to make such an extension, in which case you’ll need to think about more drastic options. These include asking the lender to consider a deed-in-lieu of foreclosure, a short sale, mortgage modification and even bankruptcy.
The Home Preservation Foundation (HPF) is nonprofit organization that operates a toll-free hotline (1.888.995.HOPE). You can call this number 24 hours a day, seven days a week for free, personalized assistance.
The United States Department of Housing and Urban Development (HUD) offers free foreclosure avoidance counseling services.
The most important thing you can do when you lose your job and fear you may be facing foreclosure is to examine all of your options and choose the best solution for you and your family.
Blog Archive2018-10-12 11:23:45
The Best Tips For Buying A Vacation Home: A Guide For Seniors: By Teresa Greenhill
Selling Your Home? Don't Make These Simple Mistakes During Your Open House: By Suzie Wilson
How To Make Your Home Senior Friendly by Teresa Greenhill
Get Your Home Ready for Spring
3 Importat Tips for Selling a Vacant Home
Is a Smart Home in your Future?
Selling in Winter? Make your Home the Hottest on t
3 Things that can Negatively Impact your Home
You can Get a Loan for a Fixer Upper
Buying a FSBO without an Agent
4 Characteristics of a Seller's Market
Autumn DIY Project: The Mudroom
Thinking of Buying a Houseboat?
The Dangers In Over-Improving a Home and How to Av
Buying a FSBO without an Agent
What Closing Costs to Expect when Selling a Home
How to Save Money when you buy a Home
The Pet Predicament
The Neighborhood Wish List: 3 Things to Consider
What is PMI and how do I get rid of it?
Dealing with Wet Basements
2 Things to Consider Before Buying a Townhome
Buy a Home with No Money Down
Spring Cleaning in the Container Garden
The Seller's Brag Book
Click here to see ALL articles.