Losing your job could throw your entire life into disarray. If you have a mortgage to pay on a Boston Beacon Hill condo, your situation may seem even more frightening as you face losing your Boston high rise condo and serious damage to your credit. However, the situation is far from hopeless. There are many ways to prevent a mortgage default.

Check Your Insurance Policies

Many insurance policies cover mortgage payments during unemployment. You may have coverage even if you don’t remember buying it, as this type of coverage can go by many names, including Involuntary Unemployment Insurance and Job Loss Insurance. Some of these policies are even offered for free with other mortgage insurance products. If you become unemployed within a specific amount of time after buying your home, typically two years, the policy may pay the full monthly amount for home insurance, mortgage payments, and taxes, usually for up to 6 months.

Contact the Lender

One of the most important but difficult steps to take after losing a job is contacting your lender. Don’t wait until you become late on your mortgage. The earlier you call, the more time you have to prevent defaulting on the loan. Your lender may help you set up a payment plan to avoid foreclosure before you miss payments if you can supply a hardship letter explaining your situation.

Ask for Forbearance

After you send a written hardship letter to your lender, you may qualify for forbearance that temporarily lowers the payments or suspends your payments entirely for a short time. Many nationwide lenders participate in the Home Affordable Unemployment Program that can suspend payments or reduce payments to no more than 31 percent of your gross income while you search for a job. To be eligible for this program, you typically must be eligible for unemployment benefits and live in the home.

Get Help Through a Government Program

If you don’t qualify for forbearance with your lender, you have another option if your mortgage is guaranteed or insured by the USDA, VA, FHA, Fannie Mae, or Freddie Mac. These government organizations offer programs to help you pay your mortgage during your job search. Some home loans qualify under the FDA’s Home Affordable Modification Program, which gives you an interest-free government loan that does not need to be repaid provided you remain in your home.

Ask About a Loan Modification

Forbearance isn’t the only option available through your lender. If you are in danger of defaulting, loan modification may be a good option. A modification will permanently alter your home loan to add past-due payments to the balance to bring the loan current, lower your interest rate, or increase the remaining term on the mortgage.

Consider Other Options

If these solutions do not work for you, you are not out of options. You may make the decision that the best choice is moving out of your home. In this case, you can attempt to sell your home yourself or, with your lender’s permission, sell the home at its market price, even if you owe more on your mortgage. You may even qualify for financial assistance to help with your move. After exhausting other options, you may also consider filing for bankruptcy, which can delay or even prevent foreclosure if you can work out a new arrangement with your lender or catch up on your mortgage.

Beacon Hill Condos For Sale

47 Results
0
Beds
1
Baths
262
SqFt
(14)
Open House: May 25, 2019 12:00 PM - 1:30 PM
 
#72503778 | Condo
 
1
Beds
1
Baths
624
SqFt
(4)
Open House: May 26, 2019 3:00 PM - 5:00 PM
 
#72475548 | Condo
 
1
Beds
1
Baths
688
SqFt
(22)
 
 
#72499155 | Condo
 
1
Beds
1
Baths
625
SqFt
(22)
 
 
#72464149 | Condo
 
1
Beds
1
Baths
591
SqFt
(13)
 
 
#72451258 | Condo
 
1
Beds
1
Baths
740
SqFt
(14)
 
 
#72488252 | Condo
 
1
Beds
1 | 1
Baths
817
SqFt
(6)
 
 
#72465013 | Condo
 
2
Beds
1
Baths
610
SqFt
(17)
 
 
#72499228 | Condo
 
1
Beds
1
Baths
635
SqFt
(15)
 
 
#72499318 | Condo
 
1
Beds
1
Baths
619
SqFt
(12)
 
 
#72478449 | Condo
 
© 2019 MLS Property Information Network, Inc. (MLSPIN). All rights reserved.
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
MLS PIN data last updated at May 24, 2019 8:46 PM ET

Comments

comments

Call Now