Can't Make Payments

For many people, their mortgage is their biggest financial obligation, and it can be stressful and overwhelming when circumstances arise that make it difficult or impossible to make their mortgage payments. If you find yourself in a situation where you can't pay your mortgage, it's important to take action right away. Here are some steps you can take to help alleviate the situation.

Contact Your Lender

The first thing you should do if you can't pay your mortgage is to contact your lender. They may be able to work with you to come up with a payment plan or offer some other form of assistance. Explain your situation, and be honest about your financial circumstances. You may be surprised at the solutions that your lender can offer.

Consider Refinancing

If your financial circumstances have changed since you originally took out your mortgage, you may be able to refinance your loan. Refinancing can lower your monthly payments, making it easier for you to keep up with your mortgage. However, keep in mind that refinancing may come with additional fees and costs.

Look Into Loan Modification Programs

Loan modification programs are designed to help homeowners who are struggling to make their mortgage payments. These programs can include lowering your interest rate, extending the term of your loan, or even forgiving a portion of your principal balance. Contact your lender or a housing counselor to see if you qualify for a loan modification program.

Consider Selling Your Home

If you are unable to make your mortgage payments, selling your home may be the best option. This can help you avoid foreclosure and allow you to move on from the financial burden of your mortgage.

Seek Help From a Housing Counselor

If you're struggling to make your mortgage payments, consider working with a housing counselor. These professionals can offer guidance and support, and they may be able to help you negotiate with your lender or find other resources to help you stay in your home.

If you can't pay your mortgage, there are steps you can take to alleviate the situation. Start by contacting your lender, and be honest about your financial circumstances. Consider refinancing, loan modification programs, or selling your home if necessary. And don't hesitate to seek help from a housing counselor if you need it. Remember, taking action early can help you avoid more serious financial problems down the road.