I Can't Pay My Mortgage - What Can I Do to Save My Home

If you have ever said to yourself I can't pay my mortgage then you know how helpless you can feel and how massive stress builds as you financially struggle just to get by. Even as hopeless as it may feel there are things you can do to help save your home from foreclosure and get a little breathing room so you can get back on track.

Can You Really Afford Your Home

First before you decide that you are going to save your home you will have to be brutally honest with yourself and determine if you can really afford the home you currently live in! If you bought a home that is just to much for you to afford it is probably in your best interest to consider selling before foreclosure sets.

This may sound harsh but the truth is an unaffordable home will inevitably foreclose sooner or later. It is better to sell while your credit is still good so you can buy a smaller more affordable home.

Work With Your Current Lender

If you can afford your home and have just fallen on some hard times either from illness or from job loss you should contact your lender as soon as possible and let them know your situation.

The sooner you call the lender the better, do not wait until payments have been missed. Explain your situation to the lender and in most cases they will work out a payment plan with you so you can get your self caught up financially.

Lender Repayment Plans

A mortgage repayment plan can either defer payments for a few months and add the skipped payments to the back end of the loan. This will just make your loan term extend out for however many months you skipped payments.

The lender may also let you just pay interest only for a few months to get caught up. Again in this situation the balance will in most cases get added to the back end of the loan.

If your difficulties are from an increased adjustable rate mortgage payment the lender may either change the loan to a fixed rate or extend the fixed rate period of the adjustable loan.

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