As you probably know, you are not a homeowner if you are dealing with a mortgage—the bank is… until you pay it off. Keep in mind that sometimes you could go through difficult financial times, struggling to make your mortgage payments on time. If this happens, your mortgage lender will evict you from the property to take control of it entirely.
Did you know that 1 in every 2,253 homes is in foreclosure, according to RealtyTrac? In New Jersey, for example it’s 1 in every 1,043 homes and in Ohio, it’s 1 in every 1,503 homes. Also, the pandemic isn’t helping either. With a growing number of unemployed persons, you could be next and it can have severe consequences on your income.
However, no matter if your mortgage payment problems are related to COVID-19 or not, you should definitely call your loan provider first. Try doing this before missing any payments, as this will keep the largest number of options available to you. Some experts have highlighted different options for you when you’re actually struggling to pay on time.