What to Do When You Can’t Afford Your Mortgage Payments

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Today’s economic environment has put a strain on many homeowners due to rising mortgage payments. There are services available that can assist homeowners with their loans and even assist you in finding an affordable new home when necessary. Here are some steps you can take if you find that you cannot afford your current mortgage payments.

  1. Consider a Free Counseling Service

Are you struggling to make your house payments? Consider reaching out to a professional counselor for help. There are plenty of free counseling services online that offer advice at no cost, and with so many choices available online, finding one that meets your needs won’t break the bank either. Explore our latest news at https://www.revivalhomebuyer.com/sell-my-house-fast-in-new-port-richey/ today!

  1. Consider a foreclosure help program

If you’re having difficulty making your mortgage payments, hiring an attorney (or advocate) to guide you through the foreclosure process and communicate with your lender on your behalf can be invaluable. In certain cases, government-funded assistance programs may even provide some assistance.

  1. Reach Out to Your Lender

It may not seem necessary to contact your lender if you’re behind on payments, but reaching out could potentially provide relief from the situation. You might be pleasantly surprised at how willing they are to assist you.

  1. Reach Out to a Credit Union

Credit unions can be an excellent resource for assistance with mortgage debt. Many offer free counseling services or don’t charge extra fees for this service, so it pays to shop around to see which option best meets your needs when searching for loan or refinancing options.

  1. Reach Out to Your Local Housing Authority (HAP)

The Housing Authority offers mortgage assistance through counselors who will work with you on repayment of the loan and providing a program that reduces payments based on income without eliminating them entirely. This option is available both to those living in public housing as well as those without.

  1. Reach Out to a Mortgage Originator

If you don’t currently have a mortgage lender, consider reaching out to one of these services for assistance. It may be easier to be approved through one of these intermediaries than through your own bank.

  1. Get in touch with the housing consumer protection agency in your state

Your area has various laws that protect homeowners. Check the statute book to learn what these are. Some of the benefits you could be eligible for include buying a house without making payments on its mortgage, listing your house for sale but not selling it, and suing its owner.