Financial hardships are situations, usually out of your control, where you simply do not have enough money to meet your needs, like your mortgage payment. It could be unexpected car trouble, or costly medical bills. It could be a loss or decrease in income, either temporary or permanent. Regardless of the reason, if you experience a financial hardship, there may be some things you can do.
Try to reduce your monthly spending by cutting back on your utility consumption. Eat at home instead of at a restaurant. You could look for a different position that pays more, or a side job to supplement your current income. Think about selling items that you don’t currently use or don’t need. You could also apply for a mortgage modification to see if your monthly mortgage payment could be reduced.
Mortgage modifications do not help everyone, and even if you are approved for a mortgage modification, your monthly payment may not be reduced. However, there are many other advantages to a mortgage modification. As a result, some people who experience financial hardships apply for them.
The Mortgage Modification Center
If you are experiencing a financial hardship and wondering if a loan or mortgage modification may be able to help you, please reach out to the Mortgage Modification Center at (401) 467-7998. The Mortgage Modification Center, run by Attorney John S. Simonian, offers a free initial consultation to discuss your particular options.