Things to Consider When You Can’t Pay Your Mortgage

Owning a home is one of the great achievements in life most of us strive for. Owning property gives us roots, balance in our lives, and provides a warm place of stability for our families. But sometimes, financial hardship can put all of that in jeopardy and the dream that you have worked so diligently to achieve seems to be slipping through your fingers like sand. When you lose your home to financial hardship, with it you are not only losing equity, but also security and a legacy you have built for future generations.

Life often throws us challenges, and luckily there are a lot of options that we can explore when faced with a financial hardship such as being unable to pay your mortgage. So whether it is a recent job loss, unexpected medical crisis, or another life-changing event, the first step you need to take is knowing that there are resources to help you out when everything else seems to be lost.

What To Do in Case of Emergency

Work with your mortgage company: They like being paid for your mortgage as much as you enjoy living in your home. Regardless of what you might be feeling right now, it is in their best interest to build a plan with you rather than begin foreclosure. Just remember, banks would rather get money for mortgages than try to sell foreclosed houses.

Discuss with them your hardship and why you cannot make the payment. Also, discuss with your mortgage servicer whether or not your hardship is temporary or permanent, talk with them about your budget, and a timeline for any plan you might have to reverse the situation. Chances are they have a variety of solutions that will help you work through this hardship that will benefit you.

Check other resources: The Department of Housing and Urban Development also has programs outside of your lending institution which are designed to help you out. Talk with them about what options they might be able to provide for assistance programs or other help. For even more personalized advice you can reach out to the HOPE Hotline, which works with HUD to answer questions and provide information about your options.

Take action: Some of the options available to you through your lender are refinancing your loan at a more affordable rate. Percentage rates are at a historic low right now, and the equity you have in your home can go a long way to reducing your payments and getting you on better footing. You can discuss with your mortgage servicer about getting a loan modification, short selling your home, a second mortgage, or even getting a personal loan. If a short term solution is going to help a lot, consider getting a short term cash loan or vehicle title loan. The rates are often very steep, but shopping around in your area can usually yield some good results!

Talk to Cash Time

If you need to get cash fast, contact Cash Time! We want to see you succeed in your finances, which is why we provide a number of options for you to get out of debt quickly and stay there. We can help with Auto Title loans, refinancing, and personal loans all 100% online for your ease and convenience. Get started on the road to financial recovery today!