What alternative does a person have when they are unable to service their mortga

  1. Anjili profile image83
    Anjiliposted 5 years ago

    What alternative does a person have when they are unable to service their mortgage?

  2. LandmarkWealth profile image80
    LandmarkWealthposted 5 years ago

    There are many.  The first is simply walking away from the home.  That depends on whether or not there is equity or in the residence.  That will impair your credit.  If you meet certain criteria you may qualfiy for a modification.  The best altenative is refinancing if you wish to stay in the home and it will reduce the payment enough that you can manage the monthy expense. 

    If this is a small mortgage and your have alot of equity and additonally a senior, you can look at a reverse mortgage on the existing equity to pay off the current payment.  That only works if you generally don't ever plan to move.

    It really is case specific.

 
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