My mortgage rates jumped (again) and I just lost my job. There's no way I can pay the mortgage due next month. I'm trying not to panic, but I've never been in this position before. What should I do?
Contact your mortgage servicer to let it know what's going on. Creditors are really easier to work with when they know what to expect rather than finding out about problems after a payment has been missed.
Once you've gotten a new job, check out the possibilities of refinancing your mortgage for a fixed rate, particularly if you're able to get a rate that's lower than what you're paying on the current loan. Just be aware that refinancing may involve some one-time fees.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Contact your mortgage servicer to let it know what's going on. Creditors are really easier to work with when they know what to expect rather than finding out about problems after a payment has been missed.