Understanding the Impact of Financial Uncertainty on Homebuyers

Last week, I had many difficult conversations with clients and potential homebuyers. Several future homebuyers who had gone through the preapproval process in December and January asked me to put the process on hold. They either had lost their job or were fearful that they would be losing their job, so did not feel like it was a good time to buy a house. Some were Federal employees, but others worked for non-profits and contractors that depend on Federal funding.

The especially tough calls were from previous clients who were being furloughed or fired and were worried about making their mortgage payments. I want to share with my readers what to do if you or a friend are experiencing financial difficulty during this stressful time.

What to Do If You Need Help With Your Mortgage

The first step to get help with your mortgage is always to call your lender and let them know what is going on. Do not wait until your payment is late. If you have been paying on time for at least six months, almost all lenders will work with you. It may take several calls to get to the right person, but be persistent. Most likely, they will do a forbearance and let you make no payment or a modified payment and tack on the unpaid amount until the end of your mortgage. I have seen lenders do amazing things to help clients keep their houses. I am happy to provide support, so please contact me if I can help.