Posted on: 14th Mar, 2013 02:02 am
Hello everyone, after 13 years of regular mortgage payments, I can’t afford my mortgage anymore. I need to know what happens next to the house, mortgage loan and what options are available to me? I just lost my construction job after 18 years.
You can talk with your lender, explain your financial hardships and can request for a loan modification program.
You can consult a mortgage broker or real estate attorney to know of the most suitable debt relief option available in your state and that you can qualify for one.
Tell your mortgage lender about the financial difficulties you are facing. Also, inform him that you have lost your job suddenly. You may request him to delay the loan payments for the time-being. You can also request him to modify your present mortgage loan in order to make the payments affordable for you.