How to Get Help With a House Mortgage
- 1). Refinance for a better interest rate. A reduced interest rate on the mortgage loan helps bring down the payment and increases affordability. If you have a good credit score and money for mortgage-related expenses, such as an appraisal and closing costs, speak to your lender about a mortgage refinance.
- 2). Talk loan modification with your lender. Owners who aren't eligible for a refinance because of a low credit score or delinquent mortgage payments may qualify for a loan modification. Ask your lender to modify your loan terms to help you acquire a reduced rate and mortgage payment.
- 3). Inquire about mortgage forbearance. Short-term illness that requires time off from work or being laid off from the job can pose temporary financial troubles. Rather than lose your home to foreclosure for non-payment, discuss mortgage forbearance with your mortgage lender. Lenders suspend payments for a period and allow you to recover financially.
- 4). Sell your property with a short sale. If desperate to sell your home and get rid of the mortgage loan, a mortgage short sale might help. Get permission from your lender first and discuss the lowest possible amount they're willing to take for the property. After reaching an agreement, you're allowed to sell the home for less than the mortgage balance.
