If youre saying to yourself, I need help with my mortgage payments, you have some options to keep in mind as you try to make good on your home loan, and keep the installments current. Id like to go over some of the assistance thats available to you as a homeowner, so you can avoid foreclosure and keep your mortgage payments current. Here are some options youll have to keep in mind.
Government Assistance for Homeowners
If you need the help, there might be a good government aid programs for homeowners making payments that you can qualify for. Find out whats available in your area for assistance. Even if there is not government mortgage assistance programs, you might qualify for other forms of aid, like food stamps, heating assistance, or others. It could free up the money you need to keep your mortgage payment current, and not fall behind.
People That Help With Mortgage Payments
There are a few places you might be able to go to get some help with your home loan installments free of charge. Here is a list of some places to look.
Churches: Some churches will help you pay bills, including mortgages. Find out if any of the churches in your area, particularly the one you attend or through Catholic Charities, are willing to assist.
Salvation Army: Depending on fund availability, they can make a one-time payment to help you make your house loan or rent. Its worth looking into to see if they will work with you.
Local Charities: Civic groups and charitable organizations might be able to help you save your home loan from defaulting, so you can keep your house.
Friends and Family: Its hard to ask for help, but it might be a good option if your payments are behind to the bank or lending company.
Good Samaritans: If you need help, you might be able to find someone will to assist you. By way of example, if you were to ask the church for assistance, one of the members might be moved by your needs and agree to assist you with making your house payment, whether one time, or for a few months.
Youll have some luck if you take matters into your own hands and try to pull yourself out of the financial hole youre in. This list represents a few things you can do on your own.
Loan Options: If you have substantial equity in your home, refinancing could be an option if your credit score hasnt been ruined. You could look at more favorable terms, or even an interest only option, stretched loan length, and other options. Be careful though, or youll do further damage to your credit.
Work with the Bank: Have you called them and talked to them about your issues? This should be your first step. You might have forbearance provisions, where you can miss a couple of payments. The bank might also allow interest only payments for a few months, while you get back on your feet.
Raise Funds: To keep your house you might have to get a second job or sell off unneeded items. If you have a four wheeler, boat, or other item that has equity in it, you arent exploring all the options unless you look at selling them.
Debt Prioritization: A home mortgage is a secured debt. If you default, you lose the house. Credit cards and other things are unsecured debt. While its not necessarily a long term fix and it may do a lot of damage to your credit long term, prioritizing and paying off your secured debt first might buy you some time to get caught up.
Foreclosure: If it gets to this point, be sure to attend all court dates. You might be able to buy yourself a little more time to pay off back taxes, past due mortgage payments, and remove any liens on the property.
I need help with my mortgage payments, but at least I have some options.