If you are a homeowner and you aren't going to be able to pay your mortgage, contact your lender immediately. You may be able to delay a payment or arrange a lower payment. Take along a budget that reflects your reduced income. Most lenders would rather avoid the time and cost involved in a foreclosure if they can work out an alternative.
If your income loss will be long-lasting or permanent, you will need to consider other options.
Some options include:
? Take in a roomer/renter and use the money to pay the mortgage.
? Sell the present house and buy or rent less costly housing.
? Rent the present house to someone else and rent less costly housing for yourself.
? Move in with relatives or friends—offer to help pay costs.
? Deed the house back to the lender. You may not lose much if you've only owned the home for a few years.
We would like your feedback on this Personal Finance Frequently Asked Question.
