If you're struggling to afford your mortgage, something that you may want to discuss with your lender is seeking a mortgage modification. A mortgage modification changes your current home loan and lowers the monthly payment.
You love your home, but you've really struggled to make payments on time. Your mortgage went up when your property values started to increase, and that increase in your mortgage took a toll on your budget. Where you used to pay $900 a month, you now have to try to come up with $1,200. It's a big jump.
Every month, you find it hard to make ends meet. Last month, you couldn't even pay your full mortgage. You covered what you could, but it wasn't what you owed.
During a foreclosure, a lender takes back control over a property. The homeowner is evicted, and the home is then sold.
The coronavirus certainly has scared many people, especially those who need to stay out of work. If they can't work, then how can they pay their bills? That question was heard loud and clear by the government, which has now passed a moratorium on foreclosures.
When you realized that you were over 60 days behind on your home's mortgage payments, you had a sinking feeling come over you. You know that missing it for too long could result in foreclosure among other problems for you.
Foreclosures are some of the worst things people deal with. One minute, they're enjoying their homes, but the next, they're facing homelessness.
When there is a possibility that you could have to go through a foreclosure, you may feel that your entire world is falling down around you. This is your home, and you've worked hard to get where you are.
Foreclosures happen when individuals cannot pay their mortgages on time. They may go 180 days or longer without making payments, but eventually, a creditor may decide to foreclose on the property.
The prospect of losing your home may be one of the most frightening and uncertain thoughts you and other Florida residents have while undergoing financial struggles. What are all the things that can happen if the bank takes possession of my house, you may wonder?