What are our options if we can't lower our mortgage payment further?

H

hexedcoyote

New Member
We're really struggling to pay our mortgage. We've already worked with the lender and adjusted the terms several times; it's as low as it can go. What other options do we have besides foreclosure or bankruptcy? We'd prefer to avoid taking on more debt, of course.
 
If you are in the USA, HUD offers several programs to prevent foreclosure. Consider taking in a housemate for extra money. Create another income source by selling items you don't need. Look for side jobs, such as helping seniors or mothers with children, to earn more. Cut other bills by 5 percent and put all of that saved money toward your mortgage. Check if your main job has any extra work or programs for additional pay. Use food pantries for basic groceries. Put any money you save toward your mortgage. Rent out your home for one and a half times your mortgage payment for six months to a year. Then, review your situation again. I am also dealing with a housing crisis. It is not easy. But you can get through this.
 
To ease the financial strain, consider raising your income or selling your home. Remember, home ownership works best when it isn't overwhelming you. You could rent for a while, choose a smaller home, or move somewhere more affordable.
 
Unfortunately, they likely won't grant a forbearance if both of you are still working.
In our case, we were told we wouldn't qualify unless one of us had been out of work for a set period like a month or more.
 
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