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What happens if you are unable to pay your mortgage?

Buying a house is one of the greatest days of your life. This is sure to put a smile on your face, as you realize the American dream.

Unfortunately, many people come to find at some point that they are unable to make their mortgage payments. While this is a difficult situation, it's not the end of the world. There are steps you can take to put yourself in a better spot in the future.

Here are some options for any homeowner that is unable to pay their mortgage:

  • Refinance
  • Loan modification
  • Discuss a repayment plan with your lender
  • Short sell your property
  • File for Chapter 7 or Chapter 13 bankruptcy
  • Give your home back to the lender via deed in lieu of foreclosure

As you can see, there is more than one way to deal with a situation in which you are unable to pay your mortgage. Your job is to outline the pros and cons of each one, thus deciding how to best move forward.

For example, you may come to learn that bankruptcy is the best approach. Here's why: You may not have to give up your home, as you would with many of these options.

It can be frustrating to find yourself in a tough financial position, but that shouldn't stop you from searching for a solution. If you are unable to pay your mortgage, don't sit back and wait to see what happens. Instead, learn more about your options and legal rights. This will lead you toward the strategy that is best for you and your finances.

Source: Consumer Financial Protection Bureau, "If I can't pay my mortgage loan, what are my options?," accessed Dec. 28, 2017

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