How to Deal with a Mortgage Company after Losing Your Job

Even with unemployment benefits and personal savings, paying your mortgage after losing your job can prove challenging. Lenders expect a payment each month, and if you don't have enough cash, default is inevitable. Lenders will foreclose after several months of default. Fortunately, there are ways to deal with a mortgage company after losing your job that may help you keep your residence.

Instructions

Make mortgage lenders aware of your situation. Lenders won't know about your job situation until you notify them of the hardship. Losing your job might make you eligible for mortgage relief help.

Cancel mortgage payments for a few months. Losing a job might qualify you for a home loan forbearance, where lenders suspend housing payments for several months. This alleviates the stress of worrying about how you're going to make your payment, allowing you to focus your energy on locating new employment.

Modify the mortgage loan. If unemployment and personal savings allow for mortgage payments, but you can't afford your present amount, discuss this with your lender to see if it will permanently or temporarily reduce your house payment.

Do a deed in lieu of foreclosure and walk away from the mortgage. Preforeclosure typically starts after missing payments for three months. Avoid the entire foreclosure process by speaking with your lender and requesting a deed in lieu of foreclosure. Sign over your mortgage deed and give your mortgage lender control of the property.

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