Home Ownership is Hard – Handling Mortgages & Preventing Foreclosure


How to Pay Your Mortgage

  • I know this is obvious but try not to purchase “too” much home for your money.  Your mortgage payment should be the first thing you pay, but it shouldn’t be so big that your other bills are too hard to manage.  But circumstances are not always in our control, so, if so, these are options that you may have already considered, but they can help you manage this important payment
    • Refinance when the rates get lower, after checking to ensure it is worth doing it
    • If zoning allows, bring in someone to help pay (i.e, a tenant)
    • Earn extra income – either from another job, gigs or start a business
    • Reduce your other expenses, barter or find discounts, where possible
    • During temporary hardships, seek assistance from local nonprofits, consider crowd-funding, or sell items that you can easily part with

How To Avoid Foreclosure:

  • Pay your mortgages, equity loans or any debts that have your property as collateral.  If not paid, these could lead to foreclosure or impact applications for refinancing or other credit.  Do not ignore letters from your lenders.  Always check with them to see if there are options like deferred payments, modified mortgages, etc. 
  • If you are having a hardship, taxing authorities, utilities and lenders/creditors have programs that you may quality for to better manage your payments.
  • Housing counselors funded by the Office of Housing and Community Development are located at senior centers and other organizations across the city. These counselors can aid on foreclosures as well as other housing inquiries.
  • The Making Home Affordable Program –  www,makinghomeaffordable.gov/pages/default.aspx or call 888-995-HOPE
  • PHFA Foreclosure Prevention Information – a list of resources at http://www.phfa.org/homeowers/foreclosure.aspx
  • Fannie Mae Foreclosure Assistance Resources – www.knowyouroptions.com
  • Urban Affairs Coalition Resources – htttp://ced-philly.org/foreclosure-prevention
  • Community Legal Services (clsphila.org) can assist or advise you with numerous housing issues.
  • Philadelphia Legal Assistance – http://www.philalegal.org

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