7 Options when You Can't Afford Your Mortgage Any Longer ...


You might experience a lot of emotions when you can't afford your mortgage loan, especially if payment problems are beyond your control. Maybe you lost your job or your employer reduced your hours. Then again, maybe you're going through a divorce or battling an illness that prevents full-time work. Whatever the reason, this is no doubt a stressful situation. However, there are options when you can't afford your mortgage.

1. Rent out a Room

One practical option when you can't afford your mortgage is to rent out a room in your house. This can work if you have a spare bedroom, or perhaps a finished basement or a room over the garage. You can rent the space to a family member, a friend, or a stranger – if you’re comfortable with this arrangement. For this to work, you’ll need to charge fair rent, and the amount must provide enough help to cover your mortgage payment.

Rent out the Entire Property
Explore more ...