Foreclosure is a scary thought. But many homeowners find themselves at risk of losing their home and credit standing because they can’t make their monthly payments. Here are a few options to consider before you reach that point. Refinance means you take on a new loan to replace your current one. Loan modification is, as its name suggests, modifying your current loan.
Key Takeaways:
- Openly admitting your inability to pay your mortgage is probably one of the last things you want to do, but being forthright about your situation will serve you far better in the long run.
- The longer you wait to make your financial struggle known and the harder you attempt to work the system, the less favorably your personal financial crisis is likely to work out.
- Failure to act can lead lenders to believe that you don’t care about your financial obligations.
“The longer you wait to make your financial struggle known and the harder you attempt to work the system, the less favorably your personal financial crisis is likely to work out.”