Nobody wants to lose their home, but sometimes in the midst of your family financial crisis, you may not be thinking straight enough to see all the possibilities for avoiding foreclosure on your mortgage. Some ideas to consider include:
- Talk to your bank or lender. It’s actually better for them if you are able to keep paying on your mortgage, even if it is at a lower rate for a while, compared to foreclosing and them having to sell your home. They might offer several different options, if you ask early enough, like restructuring the loan over a longer period of time, or reducing or suspending payments for an agreed length of time.
- Your lender might also provide financial counseling and advice which would include assistance to help you set up a budget and pay at least part payments towards your mortgage.
- Get a second job for a limited period of time. It may involve sacrificing hobbies or family time, but if it is only for the short term and it obviates the need to sell your home, it’ll be worth it. If you’ve lost your job, be prepared to do any kind of work for a while rather than waiting for a new opportunity in your own profession.