Options For Those That Might Foresee Falling Behind On Their Mortgage

Real Estate Technology with Husky Marketing

A majority of people that look at their finances in an honest way foresee when they will have an issue paying their mortgage. This could be for a variety of reasons whether a job was lost or a few emergency costs emptied the nest egg. There are options besides waiting for the home to be foreclosed where you will be left with nothing. For people that have paid the mortgage for years and only recently have found it tough to pay a refinance could lower payments. This will increase the amount of time you have left on the loan but for many this is fine if they do not have to leave their home. The following are options for those that see themselves falling behind on their mortgage in the near future.

Take A Look At Selling Your Home

Selling your home might be a great option if you can downsize or the housing market in your area has boomed since you have purchased it. Selling your home can be done quickly if you price your home to sell and it can even result in a bidding war if it is a unique home for the area. Selling privately will save money on commission that would be paid to a realtor but it can be dangerous. It is better to have a professional in the legal or real estate field help out whether it is fielding offers or negotiating.

See If A Tighter Budget Would Solve The Problem

The best option is to tweak your lifestyle in order to be able to have enough money to pay for all expenses. There might have to be sacrifice but doing things like cutting out going to restaurants to eat can make a huge difference. Small things like turning lights off or installing energy efficient appliances can save money over time. List out your expenses and see what can be cut out of the budget as you might be surprised what you are still paying for.

Accident Rendered You Unable To Work

If you were involved in a car accident or other incident that has left you unable to work it is time to find a lawyer. There are firms that when given your case will help you with money until the settlement is reached. The best thing that can be done is to find the best personal injury lawyer San Antonio or in your local area. The best thing you can do for your case is to document everything and present your legal team with this documentation. This will help them figure out how much money you should be seeking whether it is from lost wages or medical expenses incurred.

Rent Out A Room Or Guest House

Renting out a room in the home is not for everyone as a lot of people value their privacy. Having an in-law suite or guest house can be the perfect option for those that want to stay in their current home but need extra money to keep up with payments. The most important aspect of this is to get a lease in writing and do a thorough check on the person. Family members could be a good option but kicking them out for lack of payment could be an awkward situation. Airbnb is a great option for those that might be able to stay at another property or with family a few times a month.

As you can see defaulting on the mortgage should be the last option and it is the worst at that. Think about doing the above and consult with professionals to see what your best options are.

Comments (1)

Emcee M. Arah
Remax Excellence - Silver Spring, MD - Silver Spring, MD
Realtor w/Architectural Dimension, AHWD CRS B-Arch

I like that you included finding another source of income by renting out a room. That's not an option that many people consider but, under the right circumstances, it could very well be a good option. It could even be renting out a room to a college student. Thanks for sharing.

May 08, 2019 12:31 PM