Contact Your Lender
The first thing you need to do is contact your lender and clarify the situation. Often lenders have options to facilitate in a situation when you are unable to pay your monthly instalment or are only able to pay it in part. Even if you are not provided with an alternative payment plan, you can get some extra time.
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Monthly Instalment Should Be Your Priority
If you are facing difficult times, you will need to make paying off the monthly instalment for the home your priority. Cut down on other expenses, you can do with fewer minutes on your cell phone and without your cable but you need to have your home. Cut corners on the expenses and make sure that you are able to pay the mortgage of your home on time.
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It’s a good option especially if you have yet to miss payments and know that you will do so soon. This will get you a lower rate and possibly some cash as well which can get you sometime to get back on your feet.
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Sell Other Assets
If nothing seems to be working, you may consider some assets that you can later reacquire or can get substitute. It’s not an ideal solution but it can bail you out. If you have a car worth 20 grand, you can sell it off and buy a decent ride worth around $5000. The difference will help you pay the monthly mortgage for the next few months and will provide you with some time to stabilise and find a permanent solution.
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