Most Americans are just a missed paycheck away from losing their home. That’s the harsh reality of today.
If you’re one of the hundreds of thousands of Americans who just lost their job today, one of the things that probably first popped up into your mind is, “how do I pay for my mortgage?”
Without a steady means of income, paying for a mortgage can be difficult if not downright impossible. However, as much as you may feel like the universe is conspiring against you right now, there are actually ways to fight back and make sure that you don’t lose your house, even if you can’t pay for it just yet.
1. Contact Your Lender
Most people don’t know this, but most lending institutions are actually quite understanding.
If you believe that you’re going to start falling behind payments soon, you should contact them right away. Explain to them what happened, and ask for any possible alternatives.
Most likely, the lender will let you enter a forbearance agreement where you’ll be allowed to skip payments for a set period of time and pay it back later on. The lender may also allow you to restructure your mortgage so the monthly payments are lighter, but at the expense of having to pay for it for a few more months or years.
2. Check Out Government Programs
The federal government actually has a number of programs in place to help people who have been hit hard by a financial loss, either due to the death of a family member or the loss of a job.
For example, the “Home Affordable Modification Program” is a supplemental program by the federal government for borrowers who recently lost their means of monthly income and need help keeping up with their mortgages.
Keep in mind that there are strict eligibility requirements in place. However, it shouldn’t hurt to try. If nothing else, the federal government may advise you on other things that you can do to make sure that you don’t lose your home even if you’re not qualified for the available programs.
3. Sell House Fast
This should probably be your last option, but at the very least, it’s better than losing your house for nothing.
Just remember, because you are selling your house due to fear of foreclosure, you’re not really in any position to bargain. So, your house may not be bought at the price that you want, or prefer. But, on the bright side, there are many individuals who are interested in buying such houses, with some even going as far as to pay for it in cash as-is.
Cash buyers such as ourselves are a good example of that. We buy houses NJ as-is. You only need to let us know where your property is located and we’ll check it out. Afterwards, we’ll give you a fair valuation, and if you believe that it’s a fair price, we’ll handle the nitty and gritty of the house-selling process and make sure that you get your cash on-hand in a matter of weeks.