What are my options if I can’t afford my mortgage payments?

Financial hardship can lead to one not being able to continue payment for a mortgage. This can be disturbing since a foreclosure and sale may result. Not to lose your home, there are options you can take quickly before a default and foreclosure come.

Before going for these options, it would be better if you consult a loan modification consultant to counsel and direct on which of the options would be more appropriate.

Get a loan modification

Loan modification options are the first move to take. Meet up with your bank and lender to work out a modification plan for you. You’ll need to show them with proofs of financial statements and monthly income expenses and other relevant documentation.

Use a government loan modification program

There are provisions by the government for homeowners to get federal government loan assistance for their mortgages. The Home Affordable Modification Program (HAMP) and HARP have helped for some time now in this regard. The issue would be if there would be an extension on it for the year or would be modified by Trumps administration. The federal housing administration insured loan scheme is yet another to consider. You should ensure to consult a loan modification company to help in your decisions. You can work with medicare medics through http://medicaremedics.com/

Going for a sale

This would definitely be a last resort if every other method above fails to come through. Selling the property if the opportunity comes and with a profit can be a way to saving your house from getting a foreclosure and being lost to auction sales. You should try as much to look at other options aside from this so you can still keep your house for as much longer if you have to.