Stop Worrying. It’s Going To Be Ok.

What should you do if you cannot pay your mortgage?

On Behalf of | Apr 11, 2020 | Debt Management

If you have debt that is steadily accumulating and beginning to affect your ability to stay on top of your financial obligations, it will not be long before you start to feel the strain of your predicament. If you own a home in Tennessee, one valid concern you may have is whether or not you will be able to keep your home.

When you are at risk of foreclosure, it is imperative that you take action immediately to implement solutions to minimize your chances of losing your home.

The danger of ignorance

If you have missed even one mortgage payment, you should take a good look at your finances and move things around so you can pay what you owe immediately. Viewing your discrepancy as one that is not serious or one that will not have immediate repercussions is dangerous and can only worsen your situation. Being proactive about seeking help and analyzing your financial situation may help you to make necessary changes before it is too late.

Be creatively frugal

According to the United States Department of Housing and Urban Development, cutting back on your spending is an effective way to loosen up some money that you can put toward your mortgage payment. For example, you could discontinue paying for services such as grocery delivery or specialized TV packages and utilize what you would have spent on those services for your mortgage instead.

If you are in a precarious financial situation and know that you will be unable to pay your mortgage, you should contact your lender to see if you can rework the terms of your agreement at least temporarily, so you can keep your home. If your home does go into foreclosure, stay in touch with your lender and be proactive about reading all correspondence from them. Keep a timeline of events in case you need to dispute their claims.