Tips For Homeowners Who Cannot Make Their Mortgage Payments

Tips for HomeownersOne of life’s biggest stresses is struggling financially to make ends meet each month. Usually, a homeowner’s largest monthly bill is the mortgage payment. What happens when a person cannot make that payment? The mortgage company reserves the right to take possession of a home when payments are not made. Most homeowners want to prevent that from happening but may not know what options they may have. Here are a few tips for those who are having trouble with their house payment.

Contact Your Lender

While your lender can take possession of the home if you can’t make the payments, it is the last thing that the lender wants to happen. The foreclosure process, which culminates with a lender taking possession of a property, is lengthy and costly and most lenders strive to avoid it. People having trouble with their mortgage payment should contact their lender as soon as they recognize they are going to have difficulty making payments. If the primary breadwinner loses a job, for example, contact your lender to see what can be done.

Loan Modification

Contacting your lender may result in a home loan modification. There are a variety of program available for people having difficulty making their mortgage payments. Lenders can renegotiate the terms of a mortgage and adjust the interest rate resulting in a lower payment. Homeowners have been able to modify their loans and save hundreds of dollars on their monthly house payment and stay in their homes.

A Car Title Loan

In situations where a homeowner needs to access cash quickly, it can be done if the homeowner owns a car or truck with a clear title. If one owns a vehicle outright and the title is clear, the person can take out a car title loan. Embassy Loans, one of Florida’s leading consumer finance companies, has helped thousands of customers take advantage of their vehicle’s value. Those who qualify fill out an application to start the process. Applicants must verify their identity and residency as well as present the title to the vehicle. Title companies like Embassy Loans will assess vehicles for their value and then draw up a loan agreement. There are no credit checks and, as a result, a car title loan is normally completed in 20 to 40 minutes. Applicants can get their hands on much needed funds very quickly and use them to pay their debt obligations.