November 20, 2017
 
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When you need Help with your House Payment

You’ve been struggling to make ends meet, but always able to keep your head above water and support your family.  Several years ago you refinanced your home with a three year ARM hoping to save some money and have a little breathing room. Now, three years later, you realize what a financial mess you’ve gotten yourself into. The rate increased by 3% and your house payment went up by $400, which you cannot afford. The advice you received regarding another refinancing was just plain wrong and you can’t, not with your money situation. Your choices right now are to either pay up or lose your house.

If you’re in a similar situation where your cheap interest rate, introductory period ended and you can no longer afford your house payment, the fear, frustration, and hopelessness are understandable. Few things are more stressful than getting behind on your house payment. Doing nothing will only make matters worse.

Proceed with Caution

When you start missing or skipping your house payment, you may become the target of predators seeking a profit by offering all kinds of “help.” Scammers may try to get you to sign your house over to them, promising that you can stay by leasing it back or rent to own. Don’t be fooled and don’t sign a thing.

Facing Money Problems

Financial problems are most often connected with the following life changes:

*        Loss of employment

*        Cuts in work or overtime

*        Retirement

*        Illness, injury, or death of a family member

*        Divorce or separation

Seeking Help

If you’re facing any of these changes, or are just overwhelmed by mounting debt and cannot pay your bills, now is the time to examine your budget. By looking closely at your income and expenses, you’ll be better equipped and motivated to eliminate unnecessary spending. Not affording your house payment can also be a symptom of overspending in other areas of your life.

Non-profit credit counselors are a great resource to help consumers sift through and evaluate their budgets. Credit counselors restructure credit payments by negotiating with creditors to reduce monthly bills. This can free up some money so you can afford your house payment and keep your home.

Points to consider when you need help with your house payment:

*        Contact your lender

*        Contact a reputable, non-profit credit counseling agency, approved for housing counseling – www.hud.gov

*        Prioritize your debts

*        Be aware of predatory lending schemes

*        Preserve your good credit rating

 

 

 

 

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