What Are Your Options When You Can’t Pay Your Mortgage?

Your home is your refuge, your safe haven.  However, when you’re facing financial challenges every day and are struggling to pay your mortgage, that refuge and safe haven can become a major source of stress.  Many individuals are in that same boat.  So, you’re not alone.  In any event, nothing causes more stress than one’s finances or the lack of funds to pay one’s bills.

Enduring constant stress and worry is no way to live.  Fortunately, you do have options where paying your mortgage is concerned.  At Homeinc, we understand what you’re going through and would like to help.  Here are some suggestions for working through your financial problems where your mortgage is concerned:

  • Let your home go into foreclosure – this is the least desirable option of all. When a lender agrees to release a homeowner from paying their mortgage in exchange for taking the deed to the home, this is commonly referred to as a foreclosure.  As with a debt settlement offer (see below), this will also affect your credit score negatively.
  • Refinance your home loan – if your credit score is 620 or higher, you can apply for a conventional mortgage refinance. Furthermore, if you’re paying a high-interest rate, you may be able to lower it by refinancing your mortgage.
  • Talk to your lender about a debt settlement – with this option, your lender may agree to accept less than the outstanding balance on your mortgage loan. Although this may be a viable option for some, it can negatively impact your credit history.
  • Try forbearance if your financial struggles are only temporary – this occurs when a lender is willing to reduce or even suspend your mortgage payments for a specified period of time until you can start making your payments on time again. This can help you if you are going through a financially difficult period temporarily.
  • Sell your home to Homeinc – if you owe less than what your home is worth, this option could make the most financial sense. While selling your home through a real estate agent may seem like the logical route to take, remember that they are going to charge you a commission for staging your home, selling it, and taking care of all the real estate documents.  That commission is deducted from the sale price of the home.  Your best option, in this case, is to sell it to a company that will pay cash for your home.

To learn more about getting a cash offer on your home or to speak with one of our representatives, call or text Homeinc at (888) 850-2636. Our business representatives are available to help you with the required assistance.