RICHMOND, Va. (WWBT) - Many Virginians who’ve been laid off or furloughed and don’t qualify for unemployment and may be having a hard time paying their mortgage.
For most of us, our home is our biggest investment but if you're having trouble coming up with the payment, there are a couple things you can do to save it.
Our partners at the financial website Nerdwallet suggest contacting your lender and explaining your situation. The earlier you ask for mortgage assistance, the more choices you'll have.
For short term assistance, there is forbearance that will reduce or suspend your payments for a set period of time. Some lenders will tack it onto the end of your finance term, but it’s more common that they’ll want the missed payments at the end of the forbearance period. Other options include paying a higher monthly amount for a set period of time to make up the missed payments.
For longer term assistance, ask about a loan modification. This can be done without refinancing. You could ask for a lower interest rate or lengthen the term of the loan.
You need to document everything, stay on top of deadlines and get trustworthy advice.
The Department of Housing and Urban Development has free counselors who can walk you through your options. You’ll find them on the HUD website.
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