It is a scary feeling, to be unemployed and facing foreclosure. The unstable ground beneath your feet has crumbled away, and you are left scrambling to find a way to keep your head above water. But there is hope. There are steps you can take to protect yourself and your family during this difficult time. So, if you are unemployed and facing foreclosure, here is what you need to do.
Talk to Your Lender
If you are struggling to make your mortgage payments, the first thing you should do is contact your lender. You may be able to work out a forbearance agreement, which would allow you to make smaller payments or skip payments for a period of time. You may also be able to get a repayment plan, where you would make larger payments for a period of time to catch up on what you owe. Sure thing, these solutions are not ideal, but they can help you stay in your home and avoid foreclosure.
Look Into Government Assistance
If you are unemployed and facing foreclosure, you may be eligible for government assistance. The Making Home Affordable program offers several options for homeowners who are struggling to make their mortgage payments. You can learn more about this program on the website for the U.S. Department of Housing and Urban Development. There are several programs that may be able to help you if you are unemployed and facing foreclosure. Furthermore, your state or local government may also offer assistance.
Non-Profit Organization Assistance
There are many non-profit organizations that offer assistance to homeowners who are struggling to make their mortgage payments. These organizations may be able to help you find a job, get government assistance, or work out a repayment plan with your lender. You can find a list of these organizations on the website for the National Foreclosure Mitigation Counseling program.
Sell Your Home
If you are unable to make your mortgage payments and are at risk of foreclosure, you may want to consider selling your home. This will allow you to avoid the negative repercussions of foreclosure, such as damage to your credit score. You may be able to sell your home for enough money to pay off your mortgage balance and walk away with some extra cash. If you are considering selling your home, you should contact a real estate agent to get started. Worse case scenario, a short sale is an option where the bank allows you to sell your home for less than what is owed on the mortgage. This can be a difficult process, but it may be worth it to avoid foreclosure.
Talk to an Attorney
Seeking legal advice is an important first step if you are unemployed and facing foreclosure. An attorney can help you understand your rights and options, and can work with you to create a plan to keep your home. An attorney can review your options with you and help you understand the legal process of foreclosure. An attorney can also represent you in court if necessary. If you are unable to afford an attorney, there are legal aid organizations that may be able to help you.
If you are unemployed and facing foreclosure, it is important to take action. There are several options available to you, and by taking advantage of these resources, you can avoid foreclosure and keep your home.
