' What Happens If I Can't Afford My Mortgage?
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What Happens If I Can’t Afford My Mortgage? Is Staying in My Home an Option?

what happens if I can't afford my mortgageIf you’re struggling to make your mortgage payments, you’re not alone. As many as one in five homeowners are behind on their payments. What happens if I can’t afford my mortgage and what should I do?

Here are several tips:

Talk to Your Lender

If you’re having trouble making your mortgage payments, the first thing you should do is contact your lender. They may be able to work out a payment plan or modify your loan so that it’s more affordable.

Get Help from a Housing Counselor

Many organizations offer free or low-cost housing counseling. A counselor can help you figure out your options and negotiate with your lender.

Refinance Your Mortgage Loan

If you have good credit, you may be able to refinance your mortgage loan at a lower interest rate. This will lower your monthly payments and make it easier to afford your mortgage.

Sell Your Home

If you’re truly unable to afford your mortgage, you may have to sell your home. This is often the last resort, especially for seniors who have spent their lives in the family home. However, it may be the only way to avoid foreclosure.

File for Bankruptcy

If you’re struggling to make your mortgage payments, you may be wondering if bankruptcy is a good option for you. The truth is that filing for bankruptcy can help you keep your home.

Here’s how:

Bankruptcy Can Stop a Foreclosure Action

If you’re behind on your mortgage payments, the last thing you want is to lose your home to foreclosure. Fortunately, filing for bankruptcy can put a stop to a foreclosure action. When you file for bankruptcy, an automatic stay goes into effect. This means that all collection actions against you must stop, including a foreclosure. The automatic stay will give you some much-needed breathing room to catch up on your mortgage payments.

Bankruptcy Can Help You Get Caught Up on Your Mortgage Payments

If you’re behind on your mortgage payments, bankruptcy can help you get caught up. When you file for Chapter 13 bankruptcy, you’ll propose a repayment plan to the bankruptcy court. This repayment plan will include your past-due mortgage payments. As long as you make your regular mortgage payments on time, you’ll be able to catch up on your past-due payments over the life of the repayment plan, which is usually three to five years.

If you’re struggling to make your mortgage payments, don’t despair. There are several things you can do to stay in your home. Talk to your lender, get housing counseling, rent out part of your home, refinance your loan, or sell your home. With a little bit of effort, you can keep your home and avoid foreclosure.

To learn more, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Can You Cancel a Bankruptcy?

Bankruptcy is an option that can save individuals and businesses from financial ruin. However, the process can be a long...
Read More

Does Bankruptcy Clear Child Support Arrears?

Bankruptcy is a legal process that provides relief to individuals who cannot pay their debts. One common question among individuals...
Read More

Is Alimony Dischargeable in Bankruptcy?

One of the biggest concerns that people have when considering bankruptcy is the effect on their financial obligations, including spousal...
Read More

Should You File Bankruptcy Before or After Divorce?

Marriage and finances can be a tricky combination. Timing is also an issue when it comes to filing for bankruptcy....
Read More

What’s Better Bankruptcy or Debt Settlement?

The idea of being trapped in debt can be overwhelming and all-consuming. Financial struggles can happen to anyone through no...
Read More

Can I Keep One Credit Card During Bankruptcy?

The decision to file for bankruptcy is never easy. People considering this option often struggle with financial stress, debts, and...
Read More

How Does Inflation Affect Credit Card Debt?

Credit card debt can be overwhelming. This is especially true during times of inflation. What is Inflation? Inflation is a...
Read More

Can Personal Bankruptcy Affect My Business?

If you’re a business owner considering filing for bankruptcy, it’s important to understand how this decision impacts your business. From...
Read More

Can You File Bankruptcy with Money in the Bank?

Bankruptcy is a serious decision and has major consequences on your credit as well as your overall financial situation. If...
Read More

Will Declaring Bankruptcy Affect My Spouse?

Are you considering declaring bankruptcy? Are you married? If so, you may be wondering how it will affect your spouse....
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions