Wealth Academy Podcast - Episode #71- Do You Know The Signs That Signal You Can No Longer Afford Your Mortgage

During this episode Coach Vann provides some knowledge pertaining to signals that let them know they can no longer afford their mortgage. Case in point in 2008 during the great recession, millions of people lost their home because they lost their source of being able to pay for it...their jobs.Likewise in 2020 and 2021 people have a similar life challenge and it's of losing their homes to mortgage foreclosures because of the pandemic because their jobs are shuttered due to health concerns. Coach Vann provides the following knowledge to help you on your journey during this pandemic as it pertains to your mortgage.Signs that you can no longer afford your mortgage:You're jobless and your income has dropped significantlyYou can no longer afford to pay your mortgageYour debt-to-income ratio has shiftedYou're having a hard time covering your utilities and homeowners association feesYou can't afford emergency repairsYour savings and emergency funds are depletedSteps you can take going forward:Contact your lender to see if they can work our terms, refinance your mortgageContact HUD for counselingDownsize your propertyLease out a room in your houseGet a roommateSell your houseWhen one's finances aren't properly aligned, never is the rest of their life. Bleak financial standing causes poor health and it's the exact reason why a financial coach is a good option. Financial recovery is imminent and may take a longer period of time than most people want to spend, however, a good financial coach can assist people in reaching their goals. Host - Paul Lawrence VannEmail - [email protected] - (800) 341-6719