Keeping up with Mortgage Payments

Keeping up with Mortgage Payments

If you have been suddenly laid off from work or facing sudden loss of income for other reasons, one of your pressing concerns will be meeting your mortgage payments to keep your home. Follow these strategies to help you keep your home when the going gets tough.

Inform your lender immediately

Do not wait until your payment is due or you already missed a payment before you get in touch with your lender. Acknowledge the problem and discuss with your lender your financial position. He may be able to help you explore your options, such as flexible payments or suspending the payments temporarily.

Rent a room in your house

If you have a spare guest room in your house which is rarely used, renting it out could be a great way to earn stable income for the upcoming months. If you do not feel very comfortable with this arrangement, you may rent your room to a relative working or studying in the area. Remember to screen your tenant carefully, and plot out a signed contract and terms.

Have a garage sale

Clean out your closet and house for items and appliances you are not using anymore. Every bit helps. If you do not have the time and space for a garage sale, you may sell your items online through Ebay or Craiglist.

For more money tips to manage your mortgage during financial difficulties, click here.