- Free Consultation: (202) 448-5136 Tap Here To Call Us
9 Options When You Can’t Afford Your Mortgage Anymore
Owning a home comes with a lot of responsibility. But the toughest part of owning a home may be realizing that you you can’t afford your mortgage anymore. Lots of different circumstances can lead to an unaffordable mortgage payment. But you have options if you take a proactive approach.
9 Options When You Can’t Afford Your Mortgage Anymore
1. Refinancing. You may be able to refinance your mortgage and obtain a lower monthly payment. If you can’t afford your current monthly and have a high interest rate, considering refinancing first.
2. Modification. You may be able to lower your monthly payment by obtaining a mortgage modification. Your mortgage company may agree to extend the maturity date of your loan, thus lowering your monthly payment. But modifications are offered solely at the lender’s discretion and are sometimes difficult to obtain.
3. Rent. If you have space to rent in your home, you can supplement your household income by renting. Charging rent may make it possible to afford your monthly mortgage payment.
4. Sale. If you have equity in your home, list and market your property and sell it. Act quickly to avoid missed payments and costly fees and charges.
5. Short sale. If you have little or no equity in your home, consider a short sale. Move quickly to preserve the value of the home and increase the attractiveness of any offers to the mortgage lender.
6. Deed in lieu of foreclosure. A deed in lieu can allow your to avoid a costly foreclosure by transferring ownership of your home to the mortgage company. Usually, however, a deed in lieu is difficult to obtain.
7. Bankruptcy. A Chapter 7 bankruptcy allows you to surrender the property and fully discharge the mortgage balance. If you have suffered an unforeseen drop in household income, consider bankruptcy.
8. Reverse mortgage. If you are 62 years of age or older, have a low mortgage balance and live in your home, consider a reverse mortgage.
9. Surrender. If none of the options above are available to you, then you may want to consent to foreclosure. Consult with an attorney before you consent to foreclosure.
Talk to a Professional
If you can’t afford your mortgage anymore, talk to a professional. If you’re considering refinancing or modifying your loan, talk to your mortgage lender or servicer. When considering renting or selling, including a short sale, talk to a realtor. If you’re considering a reverse mortgage, talk to a Home Equity Conversion Mortgage Program counseling service.
If you’re considering a deed in lieu, bankruptcy, or surrender of the property, talk to a foreclosure defense lawyer. Lee Legal can assist you to explore your options and minimize the impact of an unaffordable mortgage on your overall financial picture.
They Called. They're Glad They Did.
Couldn’t have chosen a better attorney! He was extremely down-to-earth, explained everything clearly, and always made himself available whenever I had questions—even after my case was over. He helped me through a difficult financial situation and also helped put me in a better...
Thank you so much, for being an awesome lawyer. You took care of me and my husband when all the lawyer offices that we called did not answer or even seems to care, you stepped in and save the day. You listened to us and you took care of us as if we were family. You listened and...
Choosing Lee Legal to help me file for bankruptcy was the best decision I have made in a long time. Brian explained the entire process and answered every single question I posed. The mountain of building stress due to my situation lifted the second Brian walked me through the...
Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
Brian is hands down the most amazing bankruptcy lawyer out there. he answered all my questions and even supported issues that arose 2 years after discharge Thank you for everything!!!!!!
Mr. Brian Lee made a stressful financial situation much easier to handle. Having a guide who is both deeply knowledgeable and approachable makes a massive difference when you are navigating financial challenges for the first time. THE BEST!!!
Search no more! Brian is trustworthy, friendly, attentive, and knowledgeable. Bankruptcy is never an easy decision to make however when it's time you'll need a good lawyer by your side. This is the man to do the job. I had zero hiccups throughout the entire process. Please do...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
I wanted to share my sincere appreciation for Brian and the support he provided during a very difficult time for my grandmother. We were not wealthy, but Brian treated us with genuine kindness and respect, making sure we felt comfortable throughout the entire process. He took the...
This is your last stop in your searches for an attorney. After numerous research and interview with many lawyers, I decided to hire attorney Brian Lee. He is extremely knowledgeable, personable, attentive and diligent. He went above and beyond to file my ch 7 bankruptcy and get a...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
