From the course: Economics for Everyone: Housing Markets in Crisis

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Options in a housing crisis

Options in a housing crisis

From the course: Economics for Everyone: Housing Markets in Crisis

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Options in a housing crisis

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- Although I hope it never happens to you, someday you might find yourself on the edge of your own personal housing crisis. It might be the case that you've lost your job, or you've had other expenses and you can't make your mortgage payments. This is a scary scenario to lay out, but you're not without options. The US Consumer Financial Protection Bureau lays out a few things you can do in order to alleviate some of the problem and help prevent yourself from financial ruin. The first thing to do, speak to your mortgage servicer. Whoever holds your mortgage debt, you should contact them as soon as you think there's going to be a serious problem. The second thing you should do is reach out to a HUD approved mortgage counselor. HUD stands for the US Department of Housing and Urban Development. This is a free resource that the American government provides, again, as part of the US Consumer Financial Protection Bureau.…

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