|At TNConnect, we want to assist our members through the good financial times and the hard ones, too. Check out today’s blog post with information from Balance about options when you find yourself struggling with your mortgage payment. – Tonya Metler, Lending Department Manager, TNConnect Credit Union
Life likes curveballs.
Even diligent savers are still susceptible to surprise medical costs, home repairs, and job loss. So if you suddenly find yourself unable to pay your monthly mortgage, you’re not alone.
It’s important, however, that you take proactive steps to deal with the problem. While you might understandably feel upset and afraid, you need to focus on practical solutions to avoid making your predicament worse.
Here are three steps you can take to stabilize your finances and living situation when you can’t make your mortgage:
1. Contact your lender ASAP
Fortunately, many mortgage servicers have programs to help borrowers avoid foreclosure. Plus, they may be able to offer you other payment options depending on your circumstances.
2. Explore loan modifications
3. Seek mortgage counseling
Additionally, counselors can guide you through the process of working with your loan servicer, and help you create a budget, reduce credit card debt, and tackle other issues that may be causing you to struggle with your mortgage.
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