Q&A: Income Loss… now what?
Question:
I am in sales and things are tight. I have been in my home now for 3 years and have a good mortgage right now. However, due to the lower income this year, the monthly payment is getting tougher to deal with. I have never been late on my mortgage and my credit is still good. But I am concerned that I may start to get behind. What should I do?
Answer:
I am assuming your have already looked into a secondary income. So first off, stay in touch with your lender. If you have never been late, don’t wait until you get behind to call them. Let them know what is going on and ask what options they may have. It could be possible that they might offer a simple refinance or modification to your mortgage that would allow lower payments.
If your current lender does not offer any options, give a local lender a call. In Charlotte, feel free to call my office if you like. Either way, you will want to look into options now while you are still ahead. Even if your income has fallen off, you may still be in favorable position to get into a mortgage that fits your current needs. With our free mortgage consultation, we can help determine what products are available for you and if it makes sense to make a change.
There is also the option of possibly selling your home and downsizing a bit. This is becoming a popular option for many people. If you decide to do this, be sure to get a great Realtor to help. We can provide you with great referrals if you need it. But statistics still prove that listing with a professional Realtor can not only help you sell quicker, but also get more money!