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3 Steps to Avoiding Foreclosure
Here’s what to do if you’re struggling with mortgage payments.
With the cost of living going up, you may be worried about making your mortgage payments.
Whether you’re already behind on your payments or afraid you will be soon, foreclosure — where your mortgage lender takes possession of your home — is probably weighing heavily on your mind. The good news is that you’re not alone and there is help available.
You may be eligible for forbearance, which means you can pause or reduce your monthly payments during a period of financial hardship, like losing your job. In general, lenders want to work with you so you can remain in your home.
If you are facing financial hardship these steps can help you avoid foreclosure and get back on track. And, depending on where you live, you may be eligible for mortgage relief programs, which you can find out about on your state government’s website.
To help you take control of the situation, the experts at AARP Foundation have outlined the steps you need to follow so you can figure out your options.
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If you are in need of assistance with foreclosure, enter your information to explore what relief programs are available in your area.