It seems like foreclosure has been in the news headlines for five years running now. And, while things are starting to get better, the truth is that many families still continue to struggle with foreclosure. Of course, there are many factors related as to why people’s homes are foreclosed on, but ultimately it comes down to one thing: not making your mortgage payments.
Prioritize Your Mortgage at All Costs
This advice may seem obvious, but we’re very serious. We know it can be hard to stay on top of mortgage payments. If it was easy, there wouldn’t be so many instances of foreclosure all around the country. However, prioritize your mortgage at all costs.
Nothing is more important than your home. After all, once you’ve sunk a lot of hard-earned equity into your mortgage, the last thing you want is to see it all lost through the foreclosure process. And, equity aside, your home is so much more than just money.
If you’re struggling to stay on top of your mortgage, consider what expenses in your life can be eliminated. Are you using a budget to guide your purchasing decisions, or are you guided by impulses? If the latter is the case, work on re-structuring your expenditures.
Furthermore, consider debt consolidation tactics that can make your other financial obligations more manageable. Prioritizing your mortgage might mean other things have to fall to the wayside. While no one wants to have any kind of debt, you might have to be willing to take on debt in other areas of your life in order to meet your monthly mortgage payment.