Need Help With Mortgage Payments? Here's What To Do
It isn't uncommon for people to need help with mortgage payments. When somebody is living paycheck to paycheck, even the smallest emergency expenses can dwindle finances to the point of no cash available to cover that mortgage. However, if you are in this position, don't stress. You can get help, and we’re going to tell you about your possible options here.
When You May Need Help With Mortgage Payment
Many people think missing a mortgage payment isn't a big deal, but it is. Your mortgage is your most important loan.
While you won't lose your home if you miss a single payment, many people find that missing a single payment is enough to throw their mortgage payment plan out of sync. Those missed payments start stacking up, and the risk of going into foreclosure increases with each missed payment. Not to mention the fact that a missed payment will lead to negative marks on your credit history, and they can be tough to recover from. If you are likely to miss one payment, you should seek help immediately. So, let’s see what you can do.
Here's What To Do When You Need Help With Mortgage Payments
1. Talk To The Bank
First things first, if you know that you need help with mortgage payments, you need to get in touch with your bank. Tell them that your payment will be slightly delayed. It may not do much, but it is always best to give the bank a head's up. In some cases, they may be able to move the payment date for the mortgage.
2. Ask Friends & Family
If you are just a small amount short to cover your mortgage, then you may want to ask your friends and family. The cash they give you may be able to tide you over until you receive your next paycheck. Most people will have friends & family members who are more than happy to help should somebody get into a little bit of financial trouble.
3. Sell Some Of Your Possessions
If you have anything that you aren't using, especially old electronics, then consider selling them on Facebook Marketplace. Many people have used this method to cover a late mortgage payment. Plus, it also has the side benefit of allowing you to clear a bit of space out in your home! That's always a plus.
4. Consider A Flex Loan
If you have exhausted other options, try applying for a flex loan (sometimes called a line of credit) from Tennessee Title Loans, Inc. With a flex loan in Tennessee, you can receive a line of credit of up to $4,000. You can obtain access to cash in under an hour.
A flex loan provides you with funds that you can draw upon whenever you wish, for a period of time (and up to your assigned credit limit). This means that it may not just help with mortgage payments today, but it may be able to assist with future mortgage payments.
You don't necessarily need to have great credit to be approved with a flex loan. Here, at Tennessee Title Loans, Inc., we can consider applicants from all credit backgrounds. You will need to provide proof of income though, which can be in a form of your most recent paycheck.
Do bear in mind that if you want to get a flex loan, need to be an outright vehicle owner. This means that your vehicle should be fully paid off and have no outstanding loans or judgments against it. A lien-free title serves as proof of that. The amount that you can borrow is based upon the value of your vehicle, much like a title loan.
Tennessee Title Loans, Inc. Offers Flex Loans In Tennessee
Here, at Tennessee Title Loans, Inc., our process for obtaining online flex loans in Tennessee and getting help with mortgage payments is quick and easy. The process can take as little as thirty minutes, and we will walk you through the process every single step of the way. We are more than happy to answer any questions that you may have.
Here’s what the process looks like:
- Fill out the short form on our website. It should only take a minute or two and lets us know that you are interested in a flex loan.
- Shortly after you have filled out that form, one of our team members will reach out to you on the phone. They will tell you a little bit more about the process. They will also answer any questions that you may have.
- Bring your documents and vehicle along to your local Tennessee Title Loans, Inc. borrowing location. We will check over your documents and inspect your vehicle.
- You will find out about the approval decision right away, and if you’re satisfied with the terms and conditions, you’ll be offered to sign your loan agreement.
- We will provide you with information on how you can draw upon your flex loan.
Inquire About A Loan To Cover Mortgage Payments Today
There is no shame to get help with mortgage payments. Plenty of people are in the same boat, and it is better to seek help rather than ignore the problem. One option available is a flex loan. If you need help covering your mortgage payments today, then get in touch. Fill in the form on our site to get started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.