How to make your mortgage payment even if you have no money left
It’s the middle of the month and you’ve just realized that you don’t have enough money to make your mortgage payment. What do you do?
Talk to your lender
If you can’t pay your mortgage, the first thing you should do is talk to your lender. They may be willing to work with you and come up with a payment plan. If you just stop making payments, it will only make things worse in the long run.
Your lender may be willing to work with you in a number of ways. For example, they may be able to lower your interest rate, extend the term of your loan, or even forbear your payments for a period of time.
If you’re having trouble making your mortgage payments, don’t hesitate to reach out to your lender and have a conversation about it. They may be able to help you more than you realize.
Get a loan from family or friends
If you’re having trouble making your mortgage payment, one option is to try and get a loan from family or friends. This can be a difficult conversation to have, but it’s important to be honest about your situation and explain why you need the money.
Your family or friends may be willing to help you out, but it’s important to remember that you will need to pay them back with interest. Be sure to have a plan for doing so, and be prepared for the possibility that they may not be able to help you out.
If you’re unable to get a loan from family or friends, don’t despair. There are other options available to you. You can talk to your lender about your situation, or try to sell some of your belongings.
Sell some of your belongings
One option you have if you find yourself unable to make your mortgage payment is to sell some of your belongings. This can be a good way to raise the money you need in a pinch.
There are a few different ways you can go about selling your stuff. One option is to have a garage sale. You can put up signs around your neighborhood advertising the sale, and then people can come by and purchase items from you.
Another option is to sell items online. There are a number of different websites where you can list items for sale, such as Craigslist or eBay. This can be a good option if you have items that would be difficult to sell in person, such as large pieces of furniture.
Finally, you could take some of your belongings to a pawn shop. This is typically only an option for items that have value, such as jewelry or electronics. But it can be a quick way to get cash if you need it.
If you find yourself in a situation where you can’t make your mortgage payment, don’t panic. There are a few things you can do to try and stay afloat. You can talk to your lender and see if they’re willing to work with you, you can try to get a loan from family or friends, or you can sell some of your belongings. Whatever you do, just make sure you don’t stop making your mortgage payments. That will only make things worse in the long run.