If you are facing financial hardship, you may be worried about how you are going to keep paying your bills. If you currently can’t afford your mortgage, a genuine concern would be how you are going to avoid foreclosure. Many people are facing these issues every day. We encourage you to reach out to our Florida foreclosure defense lawyers right away to schedule your free consultation if you want to avoid foreclosing on your home.
Possible Reasons You Can’t Afford Your Mortgage
There are many people in financial pickles every day for various reasons. The following are some of the most common reasons someone may struggle to keep up with their mortgage payments. Please keep reading to learn what to do if you can’t afford your mortgage.
Job Loss
Getting laid off or fired can put you in a deep financial bind. You may struggle to find a job that pays as much as you used to, making it so you can’t afford your mortgage. We would be glad to help you understand your options if you have lost your job.
Divorce
Divorce can be a burden to your family financially as well as emotionally. You may be concerned with alimony payments, child support, or losing your spouse’s income to your livelihood. We can help you understand your options if a divorce has you worried about foreclosure.
Death in the Family
Losing someone you love is hard enough, but when they were a breadwinner or provided the household with a substantial amount of income, it can hit you hard. This is likely the type of financial change in your life that is not going to improve any time soon, so a permanent solution should be on your radar.
Injury or Illness
Getting hit with unexpected medical bills can through you for a loop. We strongly recommend reaching out to our lawyers if an injury or illness has made it so you can’t afford your mortgage.
Options If You Can’t Afford Your Mortgage
When you can’t afford your mortgage, it is important to know your options. Please do not hesitate to call our office if you want to talk about what your options are when you are struggling to keep up with your mortgage payments.
Loan Forbearance
You may be familiar with the term forbearance due to the COVID-19 pandemic putting 1.6 million people in a position to lose their homes. Fortunately, a loan forbearance is an option for anyone struggling with their mortgage, along with those who were financially affected by the pandemic.
A forbearance puts a pause on your payments if you can’t afford your mortgage due to a financial issue. This is an option best used when you will eventually be able to get back on your feet. For example, you may need a forbearance while you are briefly unemployed.
Modify Your Loan
You can look into a loan modification when you need a permanent solution to your financial troubles. This process involves changing certain aspects of your mortgage agreement which would make your monthly payments more affordable. Your lender may extend the length of your loan or reduce the interest rate to lower your payments.
Call Our Florida Foreclosure Defense Lawyers Today
Don’t know what to do if you can’t afford your mortgage? We can help you through this difficult time. If you are worried about how you are going to avoid foreclosure, please schedule your free consultation with us today. Our Florida foreclosure defense lawyers are here to help you get the advice and guidance you need to save your home.