After a layoff or cut in workhours, paying your mortgage on time each month can be a challenge. These strategies may help keep you in your home during tough financial times.
Work out a new payment plan
Inform your mortgage lender immediately about your job loss or reduced work hours and negotiate a modified payment plan that fits your lower income. A lender might accept partial payments for a few months or even suspend your mortgage payments for a short time.
You can find the telephone number for your mortgage servicer in your monthly mortgage loan statement. If you can’t find it, search the Mortgage Electronic Registration Systems (MERS) or call them toll-free at 888-679-6377 to find the company that services your mortgage.
Ask for help
Don't be shy. The help you need to keep you and your family in your home may be available, but you have to seek it out and ask for it. Reach out to your local nonprofits or churches for assistance. Many organizations have emergency funds for those in need.
Rent a room in your home
Got a spare bedroom for visiting family and friends? Renting out that room will give you regular infusions of cash that you can apply to your mortgage payment. Be sure to ask potential tenants for references and check them out.
Have a garage sale
Selling household items that you no longer need or use is a good way to bring in some much-needed cash. So clear out closets, the attic, the basement, the storage shed in the backyard and hold a garage sale. You'll have more space in your home and more money you can use for your mortgage payment. Sell larger items by placing a free ad on Craigslist* or holding an auction on eBay*.
*Any reference to a specific company, commercial product, process, or service does not constitute or imply an endorsement of recommendation by SmartAbout Money.