How to Stay in Your Home When You Can’t Afford Mortgage Payments

Jun 08, 2022

Your home is your haven. Whether you have lived in the same place for decades or you have only lived there for a couple of years, there truly is no place like home. Unfortunately, sometimes life happens and you can no longer afford the mortgage payments. You should know that there are options that will let you stay in your home in spite of your setbacks, at least until you can get back on your feet. 

Mortgage Modification

Mortgage modification is a way for your lender to help you when you are falling behind on mortgage payments or facing long-term financial hardship. There are several ways that this can be done. First, you might extend the length of your loan. If the original loan was for 30 years, you might change it to a 40 year loan. Another way is to apply a fixed rate to a mortgage with a variable interest rate. Finally, you might be able to reduce your interest rate altogether, making the monthly payments significantly lower. 

Ask for Forbearance

Forbearance is a good option for temporary financial hardship, such as an illness, injury, unemployment, divorce, or death. Forbearance is a temporary suspension or reduction in your monthly mortgage payments for a predetermined period of time. With this option, you will be required to catch up on missed or reduced payments as soon as the forbearance period is over. However, this doesn’t have to be paid in one lump sum. You can increase your monthly payments by a certain amount until you are caught up on your loan. 

Sell to a Cash Buying Company and Rent it Back

Sometimes, financial reversals are severe enough that there is no hope of recovery. When this happens, you can still stay in your home with a sell-to-rent-back program. Many cash home buying companies are happy to buy your home and rent it back to you. You may no longer own your home, but you won’t have to face the trauma of eviction from the home you love. 

When your home means everything to you, you will do everything you can to stay there—even when you experience financial hardship. There are options for you. When times are hard, the last thing you need is to lose the home you love.

If you are facing foreclosure but want to stay in your home, contact BUYBHM for help. You can click here to learn more and start the process with a free, no obligation consultation.  

Selling Family Homes

Selling Family Homes: Navigating Emotions and the Market

16 Apr, 2024
Selling a family home is more than just a transaction. It involves a delicate balance of understanding the emotional connections tied to a home and the practical aspects of engaging with the real estate market. For many, a family home is a treasure trove of memories, deciding to sell a deeply personal one. At the same time, the process requires a strategic approach to ensure the best outcome in a dynamic housing market. This scenario calls for an empathetic yet practical guide that can help homeowners through the complexities of selling, acknowledging the emotions involved while focusing on achieving favorable market results.
Selling Your Home During a Divorce

Selling Your Home During a Divorce in Alabama: A Step-by-Step Guide

09 Apr, 2024
The end of a marriage is often fraught with powerful emotions and the need for significant decisions, one of which may include the sale of the marital home. In Alabama, as in other states, the division of property can complicate the already stressful process of a divorce. For couples navigating this transition, understanding the steps to sell a home while dissolving a marriage can offer a guidepost through the legal, financial, and emotional labyrinth.
Selling Your Home for Cash

Effortless Prep Tips for Selling Your Home for Cash

02 Apr, 2024
Selling a home is a significant undertaking, but when the goal is to sell for cash and with minimal effort, the approach requires smart, streamlined preparation. Homeowners looking to sell their properties for cash often seek a fast, efficient transaction, avoiding the extensive preparations and wait times associated with the conventional real estate market. By focusing on key elements such as decluttering, basic maintenance, and curb appeal, sellers can prepare their homes for a swift, cash-based sale.
Inherited Homes

Easing the Transition: Cash Out Inherited Homes

24 Mar, 2024
Managing an inherited house often involves navigating a complex and emotional journey. Individuals frequently reach a point of uncertainty, grappling with the decision of retaining, renting, or selling the property. Opting to sell an inherited home presents a myriad of challenges and factors to ponder, encompassing legal complexities, sentimental attachments, and financial repercussions.
Rapid Home Relocations

Smart Selling Tips for Rapid Home Relocations

17 Mar, 2024
Ready to make your home relocation as smooth and successful as possible? With our expert advice on smart selling, you're just a step away from achieving that rapid sale you're aiming for. Don't wait any longer—reach out to Buy BHM today and start your seamless transition to the next chapter of your life.
Alabama Home Sales

Alabama Home Sales: Securing Your Cash Offer

09 Mar, 2024
In today’s fast-paced real estate market, securing a cash offer for your home in Alabama can set you apart from the rest. With the right approach and understanding, homeowners can swiftly move through the sales process, ensuring a smoother and often quicker transaction. This provides a notable advantage, especially in a competitive market where time can be as valuable as the offer itself.
Inspection Checklist

Alabama Home Sale Prep: Your Inspection Checklist

03 Mar, 2024
A home inspection is a vital step in the sales process, providing transparency and building confidence for both the seller and buyer. For a seller in Alabama, it's an opportunity to identify and rectify any potential issues that could impede the sale or affect the price of the home. From a buyer's perspective, it ensures that the property they are considering is structurally sound and free from hidden problems that could lead to unexpected expenses.
Navigating Divorce

Fast Home Sales: Navigating Divorce and Debt in Alabama

23 Feb, 2024
When facing the tough circumstances of divorce and financial strain, selling a home quickly can be a crucial step towards closure and settling debts. In Alabama, there are specific considerations to keep in mind that can streamline this process, allowing individuals to move forward with their lives with greater ease and financial freedom.
Cash Home Sales in Alabama

Cash Home Sales in Alabama: Ease and Efficiency

17 Feb, 2024
In any real estate transaction, closing costs can be an unexpected headache. These costs are various fees and charges that buyers and sellers incur over and above the price of the property. They typically include items like title insurance, attorney fees, appraisal fees, and taxes. As buyers and sellers approach the finish line, these costs can add up to a significant sum—at times, up to 2-5% of the home's purchase price. For buyers, this adds to the amount they must bring to the table, while for sellers, it eats into their profits.
Cash Offer

Goodbye Uncertainties: The Security of a Cash Offer in Unpredictable Times

09 Feb, 2024
In an age where stability can be as fleeting as the weather, the assurance of a cash offer when selling your home can be like an anchor in choppy seas. It simplifies the process, cuts through the potential for delay, and gives you the certainty you need in an otherwise unpredictable market.
More Posts
Share by: