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Coping Up With Mortgage Payments When Unemployed

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By : Vicki Hat    99 or more times read
Mortgage is a huge responsibility to keep. There are serious consequences if one does not maintain it accordingly. A person can smear his or her credit if late payments are made constantly. And if it comes to the point of delinquency, one can hurt their credit scores badly. When this happens, one will have difficulty getting good rates in loans. But the worst problem a person could have is losing his or her home. Failure to make regular payments normally could lead to foreclosure. Hence, a person who fails to keep his or her mortgage properly could possibly end up losing their homes in the future.

One of the main reasons for non-payment is unemployment. Since the economic recession, many people lost their jobs. Some were laid-off; others remained jobless for quite some time. Hence, when job demand became less in the country, people also had to cut their expenses. Others had to sacrifice some luxuries in their life. For those who had mortgage, they had a hard time coping up with the payments. While others had given up because they could no longer afford their monthly payment.

When you lose your job, don't give up right away. There's still something you can do to be able to cope up with your mortgage payments. Don't think that it is already the end for you.

But to help you out, here are some tips to take for you to keep up with your mortgage payments:

  1. Call your lender. You must not fear these people. At times like this, they are the ones who can give you the best options to take for you to be able to afford your mortgage. One of the solutions they can give is forbearance. The lender has the ability to reduce your payments. Or if you really are in deep financial trouble, your lenders can temporary suspend your payments. Things like this can be done. Therefore, instead of running away from your lenders, approach them; even before you become delinquent.

  2. Check if you are qualified to refinance your loan. This option is made possible by the Making Home Affordable Modification Program (HAMP). You can avail of other programs like the HOPE program. All you have to do is to check their qualifications.

  3. Find a job right away. If you are the head of the family or the bread winner, you should not delay. Use all your resources and connection to be able to find a job right away. The lender may be able to hold your payments for quite some time but it would not be for long. Hence, you have to find a job the soonest before the lender before the forbearance period ends.

  4. Look for counseling. If you think out lender's solutions won't work out, seek help from other agencies. They can provide help as to FHA mortgages and other loans obtained from various institutions; simply by teaching you what to do with your debts and give you answers to your questions. They can educate you more with the whole process and lay down all your options in the table. Not that your lender do not have the capacity to do it for you but you can further learn more about modification of loans and other methods of foreclosure with their help.

  5. Cut down expenses. Eliminate unnecessary expenses to adjust your monthly budget and to accommodate more of your mortgage and other debts. At this time, there is a need for prioritization of debts.
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