Reasons Why Americans Are Behind On Their Mortgage Or Rent Payments

We all want to pay our rent and bills on time. It will give a great relief knowing that we pay it without delay. According to the U.S. Census Bureau, a whopping 13.4 million Americans are behind on their mortgage or rent payments. An overwhelming value. Imagine it is not only you who are in burden, for that matter. Even when the percentage of households behind on their payments has decreased since last June, there were still 2.6 million renters that missed, delayed, or made a reduced payment in December. According to the report, another 2.4 million homeowners missed their mortgage payments that month. But concerning these facts, there are a lot of reasons for that, and here list is as follows: 

1. The property is abandoned. 

When you walk away from a mortgage during the Great Recession, many homeowners, even those with enough income to cover their mortgages, decided to walk away after their homes lost value.

2. The homeowner can’t afford the high mortgage

Considering factors that can affect you as a renter, give an instance, negative factors may help lower your rental costs. After all, the landlord may be desperate for income and may end up slashing the monthly price.

3. Tragedy has befallen the family.

Challenges such as losing someone can also be the reason for paying the rent or mortgage. Just like the family needs to cope with the loss, their bills and payment need to recess if the deceased loved one is the major provider for the family.

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4. People happen to acquire a lower income

 Yes, it is, and unfortunately, 12.3% of all U.S. adults expect someone in their household to experience a loss in employment income. The survey says it also means a delay in paying your rent or mortgage because buying some time in finding a way to increase your income may affect the time you pay for your rent.

5. Pandemic still happening

Still happening, it was like a recession happens not just in our daily life but also in our monthly expenses, including our home. Renters must show that they suffered financial hardship due to the pandemic, have incomes below 80% of their area median income, and are at risk of becoming homeless. And going through these limiting ways of paying your rent or mortgage creates anxiety for those who experience it. Though we are now getting into it, rent delayed paying still worries us.

Mention above reasons will make a delay in your payment. Whatever the case, the pressure of being behind on payments is stressful. Falling behind for too long, homeowners risk the bank foreclosing on their property, and this causes a massive headache. It is so sad to see this kind of thing happen, but overcoming this may help us know what areas of our financial status need to be considered.

Never be Late on Payments with Cornerstone Homebuying

Don’t worry. We are here to help homeowners’ before the worst may happen. For instance, at Cornerstone Homebuying, we buy homes fast and AS-IS for cash. We can make offers and close so quickly that homeowners who are behind on their payments can avoid foreclosure altogether by working with us to sell their property. We pay all closing costs, and You’ll choose the closing date. We make you a fair cash offer on your property that will remove your worries. Helping you is one of our mission to prioritize your mortgage and rent payments to ease your mind and have a happy household. Reach out to us, and let’s talk about your thoughts about it.

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