Having a mortgage is a big commitment, and it means that you need to stay on top of your finances each month so that you can always make the payments. While this may be relatively easy when you have a stable job and no health concerns, situations can change quickly.
For many people in Arizona, life circumstances change overnight, and they suddenly find themselves unable to pay their mortgage along with their other financial obligations. If you have found yourself in this situation, it is important that you take action as soon as possible so that you can take control and minimize the impact that this has on your future.
What to do when you realize that you will not be able to make your mortgage payments
As soon as you come into financial difficulties and realize that you will not be able to make your next mortgage payment, you should contact your lender immediately. They may be able to help you by temporarily reducing your payments. It is in your lender's interests to help you make your future payments, because they will likely lose money by pursuing alternatives. Therefore, open communication from the start will be beneficial for you.
If you are in a situation where being able to make your mortgage payments is a long-term problem, you may want to consider a short sale. This is a way of negotiating with the lender to forgive the amount you owe on the home when you sell it.
If you are struggling to pay your mortgage in Arizona, it is important that you take action as soon as possible to get the best result.
Source: The Balance, "What Happens If I Can't Pay My Mortgage Anymore?," accessed May 29, 2018