If you have a mortgage, you know that paying it is usually your most expensive bill. Unfortunately, this can often turn into a major financial millstone, and mortgage delinquency rates are on the rise. If you are one of those people who is currently struggling to pay your mortgage, remember, there are things you can do to ease your burden. Here are three tips.
Know Your Rights
As a mortgage holder, you have certain rights. These include a variety of guarantees when it comes to being notified, financial assistance, and repossession. Make sure you avail yourself of these rights and don’t willingly sign anything which may give up the rights to which you are guaranteed. Also, while every American has certain rights under the federal government, your state may have even stronger consumer protections. Abusive debtor activities are prohibited under federal law. If you believe that your mortgage holder is violating these provisions, contact the appropriate federal government representative immediately, as you may be entitled to a legal remedy.
Resources to Help You Pay
Remember, there is no shortage of government or non-profit resources available which can help you pay your mortgage or find better payment options. Programs vary depending on where you live, but you can always contact a government assistance office or run a quick google search which can help you identify resources that are available to you. As a taxpayer and American citizen or resident, you have rights, and that includes the right to use government services to find the help that will keep you and your family in your home.
Contact Your Lender
More often than not, your lender will have programs, resources or potential loan modifications available which can help you pay your mortgage and stay out of further financial trouble. Don’t just assume that they know what’s going on and that help isn’t available to you. Contact your lender, explain your financial situation, and find out what, if anything, they can do. This is not only in your financial interest, but there’s too – after all, they would almost certainly rather get some payment from you then none.
If you struggle to pay your mortgage, don’t be embarrassed or shamed into doing nothing. Use the programs available to you. Be proactive and contact your lender. Above all, don’t just sit and wait for the bank to take your home. There are always steps you can take and resources available to you. Take advantage of them.
For more mortgage tips, check out this guide!