Credit Nightmares: I Can’t Afford My House Payment

Posted by: Desiree B. | Jan 13,2008

If you’re like everyone else and struggling to make ends meet, you may be having a hard time making your house payment. So what can you do to avoid home foreclosure? Some tips to help you get by when you can’t afford your house payment:

 

Your mortgage company might let you slide on making house payments for a while. If you’re struggling, but feel confident that it will only be short-term, contact your lender to see if you can miss a few payments. It’s important that you communicate with your lender to let them know that you can’t afford your house payment. Let them know that it is your priority, and you will start paying again as soon as the grace period ends.

 

You may be able to get a modification to your existing home loan to avoid home foreclosure. When your home loan is modified, you can get a lower interest rate or you can get a different type of loan without refinancing. Whatever your lender agrees to, you should end up with a house payment you can afford.

 

If you do decide to refinance your home to avoid foreclosure, look at loan comparison websites online like LowerMyBills.com. LowerMyBills.com lets you compare home loans online before you apply.

 

 

Sponsored Resources Ads by Google