6 options for when you can't afford the mortgage anymore | Economy | NewJerseyNewsroom.com -- Your State. Your News.


May 28th
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6 options for when you can't afford the mortgage anymore

homeloans030411_optIn its ongoing Web series, premier personal finance resource www.GoBankingRates.com examines the numerous challenges homeowners face today. The most recent installment published by the site explores the options available to mortgage holders who can no longer afford payments and are facing foreclosure.

Foreclosures hit a record high in August 2011. Although they have since dropped about 13 percent from that peak, the housing saga continues to unfold as high unemployment rates and economic stagnation leave homeowners broke — and sometimes unable to make their mortgage payments. In its most recent feature, and as a part of an ongoing series exploring the current challenges homeowners face when it comes to home loans, Go Banking Rates expert contributor explains the options available to mortgage holders who can no longer afford their payments.

For more in finance, visit New Jersey Newsroom's Credit Center

The six options, which range from working to make the loan more affordable to giving up the home all together, include:

  • Contacting the Lender
  • Refinancing
  • Applying for a Modification
  • Selling the House
  • Declaring Bankruptcy
  • Walking Away from the Mortgage

Go Banking Rates walks the readers through each of these options, including the feasibility of them occurring and the long-term consequences, to help struggling home owners determine their best course of action. Additionally, resources are provided for those who fear facing homelessness as a result of losing their property.

Click here to see the full article.

Go Banking Rates (GoBankingRates.com) a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. Go Banking Rates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information. Go Banking Rates also regularly publishes expert advice from personal finance professionals.

GoBankingRates.com belongs to a network of more than 1500 finance websites, including GoInsuranceRates.com and GoFreeCredit.com. These sites receive more than 2 million visits each month.

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