Cannot pay mortgage anymore

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joblost

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Post Posted: Thu Mar 14, 2013 2:02 am    Post subject: Cannot pay mortgage anymore
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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.
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Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

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Location: New Jersey
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Post Posted: Thu Mar 14, 2013 2:16 am    Post subject:
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If you don't pay off your mortgage payments for the next 3-4 months, the lender will start off with the foreclosure process. If you want to avoid foreclosure and get rid of your property, then you can contact your lender and apply for a deed in lieu of foreclosure.
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Icon Mini Profile scotdavis





Joined: 06 Dec 2012

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Post Posted: Thu Mar 14, 2013 3:43 am    Post subject:
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You can talk with your lender, explain your financial hardships and can request for a loan modification program.
Icon Mini Profile adamsarthur87
adamsarthur87




Joined: 13 Aug 2012

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Post Posted: Thu Mar 14, 2013 11:39 am    Post subject: Cannot pay mortgage anymore
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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.
Icon Mini Profile katekelley12





Joined: 21 Mar 2012

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Post Posted: Fri Mar 22, 2013 5:42 am    Post subject:
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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.
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