There is no bigger investment in our lives than owning a home. Beyond the financial aspects of the purchase however, your home represents all that is important in your life as the shelter for you and your family. When your home is threatened, the problem is as much visceral as it is financial. Propelled by such urgency, it is easy to feel as if your world is slipping out of your grasp as your mortgage ticks further towards default. Luckily, you do not necessarily need to lose your home if you act proactively by getting ahead of your mortgage debt. From refinancing old obligations to cutting down on new debts, gaining control of your finances is the beginning of managing your mortgage debt.
Getting Mortgage Debt Under Control
There is a myriad of debt strategies available for homeowners looking to save their home, or failing that, their credit rating. These include:
- Forbearance—an option if your income has been temporarily disrupted. It allows you to reduce or suspend your mortgage period for a set amount of time. Repayment can come either in the form of small additional payments, or a lump sum payment at the end of the loan.
- Loan Modification—has the potential to make your payments more manageable.
- Chapter 13 Bankruptcy—offers a chance to reorganize your debt while keeping your property.
Americor Financial Can Get You Help with Mortgage Debt
There is any number of reasons why you might fall behind on your mortgage payments from losing your job to having your hours cut to unexpected bills and expenses like medical bills for instance. Keeping your home demands that you act proactively and explore your full range of debt solution options. If you are looking for help with mortgage debt, you need to reach out to our expert team at Americor Financial for advice on how best to manage your finances.