I Can’t Pay My Mortgage

As a homeowner, there are times when you simply may not be able to make your mortgage payment.  Mortgages and homes are expensive.  In Rhode Island, the average cost of a home is approximately $265,000.  This means that with interest, insurance, taxes, and other fees that are included in a typical mortgage, the average monthly mortgage payment is approximately $2,250 per month. 

At any income, an average monthly mortgage payment of $2,250 is going to take up a large portion of a household’s income.  That number also doesn’t include other expenses associated with the home, such as utilities, repairs, and maintenance.

Further, there are other necessary expenses each month.  Food, gas, car payments, insurance premiums, childcare, and healthcare costs are just some of the expenses that may come up.   Additionally, expenses that haven’t been planned for can come up, such as medical costs or an emergency expense. 

Your income can also fluctuate.  You may have to take time off from work due to you or someone in your immediate family being sick, or the birth of a child.  You could find yourself unemployed or underemployed, and not making enough money to meet your monthly expenses.

Are You Looking for Help?

Whatever the reason may be, if you live in Rhode Island or Massachusetts, and are finding that you simply can’t make your mortgage payment every month, you may be looking for help.  If you are experiencing a financial hardship, but still want to stay in your home, a mortgage modification may be able to help you.

In order to receive a mortgage modification, you must first apply for one.  The application process can be long, and it requires you to submit a lot of paperwork.  Because of this, many homeowners interested in a mortgage modification choose to have a professional submit a mortgage modification for them.  One such professional who specializes in mortgage modifications is Attorney John S. Simonian, a lawyer located in Pawtucket, Rhode Island, who is licensed in both Rhode Island as well as Massachusetts.

There is no way to guarantee that you will be approved for a mortgage modification.  However, if you are approved, a mortgage modification may be able to help you stay in your home, and avoid foreclosure.  A mortgage modification may lower your monthly payment so that you can more easily afford it.

Finally, even if the mortgage modification does not lower your monthly payment, it can still be a useful tool to help you stay in your home.  If you are past due on your account, it can take the amount that you owe, and add it on to the end of the loan.  This allows you to become current on your account without paying a large amount up front.

The Mortgage Modification Center

If you can’t pay your mortgage, and are looking for help, please reach out to the Mortgage Modification Center at (401) 467-7998.  Attorney John S. Simonian has been helping clients for over 26 years and he offers a free initial consultation to help determine your best course of action.  Attorney Simonian helps clients in both Rhode Island and Massachusetts, and is conveniently located off the highway in Pawtucket, Rhode Island.