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You Can’t Pay Your Mortgage? What Is Next?
Manage episode 354044972 series 3393023
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As the economy shifts into what many economists anticipate will be a recession, unemployment will rise and there will be an inherent increase in distressed homeowners. In this episode, Sean Payne and Isaiah Chass of LivXplore - Real Estate & Lifestyle touch on the process involved when someone can’t afford their mortgage. From the initial notice of default there are various ways to navigate to a better position. As this process progresses, it will eventually reach the foreclosure process where a distressed homeowner’s options dwindle. Ultimately, if you are in this situation, you want to address it sooner rather than later. There is nothing worse for a distressed homeowner than putting their head in the sand and not taking the steps initially to get them out of this situation.
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