During a time in which some people have been furloughed or have lost their jobs altogether, the reality of your house being foreclosed upon is pretty scary.
It’s unclear how long our economy could be reeling from the coronavirus pandemic, so the best thing you can do right now, concerning your home and mortgage, is to educate yourself.
Here are some options available to you.
Get ahead of a foreclosure.
Because foreclosures are handled differently in each state, you’ll want to learn about yours specifically.
As soon as you realize you might have trouble making your mortgage payments, you’ll want to get in touch with your lender. Once they know about your financial difficulties, they can work with you to create a plan, USA.gov says, but DO NOT stop paying your bills. You do not want to wait until you can’t pay your bills to contact your lender. The longer you wait to call, the fewer options you will have.
If foreclosure is something you fear you might face, the following are options you may have available to you.