Statistics show that 63% of homeowners in the United States have a mortgage.
Mortgage payments can be a source of financial struggles for families over the course of the fifteen or thirty-year span that they are paying on the home.
What mortgage payment solutions are available as a resource to you? Does a late mortgage payment incur additional financial repercussions? How can you prevent foreclosure from happening?
Keep reading to learn more about the options when you ask the question: What if you can’t pay your mortgage?
The purpose of refinancing is typically to lower the interest rate that you are currently paying on your home loan. Over the years that you are paying the mortgage, a few percentage points of difference can add up to thousands of dollars that you are saving when you refinance.
This tip can be done when you see lower rates than what you currently have and analyze how it can help your monthly payment schedule.
Modify Your Mortgage
What changes can be made to your mortgage? This is an important question to dive deeper into when you are finding it difficult to meet the requirements of the mortgage loan.
Knowing what modifications can be made can help drive your decision-making to a new area. You may find out how to avoid foreclosure with a few simple changes to your current mortgage structure.
Talk To Your Lender About What If You Can’t Pay Your Mortgage
They say honesty is the best policy and this stands true when you are discussing money matters. Being proactive and trying to get ahead of potential issues can lead you and your lender to discuss a different path moving forward.
The company that gave you the loan for the home is invested in you paying it on a monthly basis because they won’t get their money back if you don’t. Discussing your struggles with them could potentially lead to customized payment efforts or other strategies that keep you both moving toward your shared goal of a debt-free home.
Do you have extra space in your home, garage, or shed? If so, you could make money by renting these areas out. Any income made from this could then be put toward your mortgage.
An example of this would be a guest room in your finished basement. You could rent this area to a traveling nurse or another working professional to make use of the space. Storing boxes in your garage or shed for friends could be another way to get extra cash with a resource that you already have.
Avoid Foreclosure Today
Now that you have read more about the options when you ask the question – what if you can’t pay your mortgage, you can get started with action steps today. Putting yourself in a better position can help take the stress off of both you and your family when the mortgage payment comes due each month. Check out our website for more helpful articles like this one.
- About the Author
Alex Grigoryan is a Professional Home Improvement and Lifestyle Writer. He has been in the industry for over 6 years and has been writing for Chique Home Living since 2019. His work has been featured in prestigious blogs such as Spruce Home, Better Homes & Garden, and more.