What to Do When Unemployment Affects Your Mortgage Payments

Discover expert options you can take when you can’t pay your mortgage.

Are you worried about missing mortgage payments? You’re not alone. With rising unemployment rates and an uncertain economy, many homeowners face challenging decisions about managing their mortgage payments.

Recently, I spoke with a client whose son lost his job and was concerned about making future house payments. This brought back memories of the 2008-2011 foreclosure crisis when I handled numerous short sales and witnessed homeowners depleting their life savings or borrowing extensively to stay afloat.

Back then, I saw people across the table drained from trying to keep up with mortgage payments.  Many resorted to borrowing from friends, using home equity lines of credit, or liquidating their savings—often leading to financial ruin.  The key takeaway from that time was the importance of understanding all available options before making any drastic financial moves.

"An expert will guide you through a financial crisis to help save your home or safeguard your future"

Today, the housing market is different, and most people have some equity in their homes. However, it wouldn’t be wise to drain your savings or take on more debt without exploring alternatives. If you or someone you know is facing financial difficulties, especially with mortgage payments, it’s best to consult with an expert who can guide you through the available options.  Sometimes, missing payments or considering a short sale may be more strategic than exhausting all your resources.

For those facing tough times, don’t make the mistake of acting out of fear or without a solid plan. Before making any significant financial decisions, reach out to someone like me who can provide clear, knowledgeable advice. Remember, there are often more options than initially apparent, and making informed decisions now can save you from long-term consequences.

If you’re going through a tough time,  call me at 602-909-5994 or email me at bobhertzog@gmail.com. I know exactly how to help you. Always remember: tough times don’t last, but smart decisions will benefit you for a long time.