Source: The Ascent —
These days, inflation is driving living costs upward across the board, and that’s put a strain on a lot of people, homeowners included. And so if you’re having difficulty keeping up with your mortgage payments, you’re no doubt in good company.
Unfortunately, mortgage rates are so high right now that refinancing won’t make sense for most borrowers. So if you’re having a hard time managing your current mortgage payments, you may not have many options for lowering them unless your lender is willing to work with you (it’s a conversation worth having, but it may not be successful).
One option that is on the table, however, is selling your home. Buyer demand is very strong right now, so if you list your home, there’s a good chance you won’t struggle too much to find a buyer — especially if your home is in decent shape and your listing price is reasonable. And that way, you can move to a less expensive home, build up some savings, and avoid the stress of cutting it close on the missed mortgage payment front.
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