How To Get Out Of A Mortgage
Author:
Scott SteinbergJan 31, 2025
•5-minute read
There are ways to legally get out of your mortgage if you encounter significant life changes or financial difficulties. While stopping mortgage payments may seem tempting, doing so without a plan can lead to serious repercussions, such as foreclosure and damage to your credit score.
Take a proactive and informed approach to explore alternatives that may help you make the best of a challenging situation without sacrificing your long-term financial well-being.
Can You Get Out Of A Mortgage?
It is possible to get out of a mortgage if you find yourself under financial pressure or growing duress for any number of reasons, such as those listed below.
Inability To Make Monthly Payments
It’s not uncommon to be temporarily unable to make ends meet, especially in challenging and uncertain economic times. In addition, other unforeseen events such as unexpected job loss, mounting medical bills and growing credit card debt can also make it hard to keep up with monthly mortgage payments.
Sudden Relocation
Work matters or family emergencies may prompt homeowners to quickly pick up and move, no matter how long they’d initially planned to stay in a residence.
Separation Or Divorce
Co-borrowers who separate or divorce may find themselves struggling to manage ownership, mortgages and other expenses at a time when finances may be unpredictable and uncertain.
Changing Property Values
If you owe more on your mortgage than the market value of the property and have found a similar home that costs significantly less, you may wish to get out of your mortgage.