What to do if you are having trouble paying your mortgage?

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asked May 10, 2019 in Real Estate - Renting by dosdlpadd (340 points)
What to do if you are having trouble paying your mortgage?

1 Answer

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answered May 10, 2019 by CharlesThynC (360 points)
If you're having trouble paying your mortgage you need to speak with your bank because missing one mortgage payment can make you late on your mortgage which then can put a dent in your credit score.

You'll also have a late fee added to your mortgage payment that you missed which makes the mortgage payment even higher and makes it harder to pay down your mortgage.

You then have around 3 to 5 months to make up those payments and if you do not make any mortgage payments within those 3 to 5 months then the bank will usually start foreclosing on your mortgage and home.

Then you'll be forced out of the home once the foreclosure happens and then it will make it harder for you to get another mortgage or even be able to rent a home.

When your having trouble paying your mortgage you should try and get the money up somehow by selling something as in maybe an extra vehicle you have and then make the mortgage payment with that.

Or sell things around the house or if possible look for an extra part time job to be able to make the mortgage payment to keep your home from getting foreclosed on.

Or if possible take out a small loan at another bank to pay the mortgage payment until you find another job to cover the mortgage payments.

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