When you lose your job in Mississippi, you may wonder if you will lose your home because you can no longer pay the mortgage. It is important to take action as soon as you become unemployed so you can examine all of your options.
Sometimes you may feel tempted to ignore the mortgage while you search for another job. According to Go Banking Rates, you should typically speak to your lender once you realize you will not be able to make the payments on your home. It is a good idea to write a letter that explains the situation and informs the lender that you are seeking new employment. This demonstrates to lenders that you are trying to be a responsible homeowner. If you take these steps, you may be able to develop a temporary payment plan that lasts until you have a new job. Additionally, it is a good idea to look over your insurance policy. Some policies include mortgage protection insurance and this can usually cover your property taxes and mortgage payments.
Sometimes you may be eligible for programs designed to help homeowners who have lost their jobs. Government agencies, such as the Federal Housing Administration, offer interest-free loans so you can continue to pay your mortgage as you search for a job. Additionally, you may be able to become part of a forbearance program. When you are involved in one of these programs, you can typically stop paying your mortgage or have lower payments for a brief period of time.
In some situations, these options may not always be available. Instead, you might be able to modify your mortgage. This typically changes the terms of the loan. You might have a new interest rate or more time to pay off your mortgage. Sometimes you may also want to consider filing for bankruptcy to keep your home from being foreclosed on.
This information is general in nature. It should not be used in place of legal advice.