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There could be several reasons, which could make the monthly repayments of your mortgage a challenge. It is advisable to get assistance at the earliest to contend with the problem. You may go by these tips to avoid repossession of your home.
You ought to apprise your lender about your financial situation. Contrary to popular notion, a lender is generally sympathetic to financial adversities of a borrower. He will want you to continue with the mortgage and use his professional experience in finding out a solution for you.
Your lender may present you with several options. One alternative would be increasing the mortgage term to reduce your monthly repayments. You could also consider moving to an interest only payment. It is crucial to note that you would not be recompensing the principal in this option. Your lender could allow you to make reduced imbursements until you can start paying the full amounts along with the arrears. Yet, another option followed by your lender would be to allow you to change the schedule of your payments.
The above solutions are short-term in nature and may help you in a temporary financial crisis. You may seek a refinance option with your lender as a more enduring solution for your financial problems. However, you must wait for low interest rates in the market to settle for a refinance.
There are several associations, which offer advice on financial matters free of charge. Counsellors attached to these organisations assess your financial situation and recommend the ideal way to sort out your troubles.
If you are hesitant about making contact with your lender, you may first seek the advice with these organisations. The counsellors will get in touch with your lender and request him to help you out of your mortgage difficulties. The debt counsellors may inform you about various government schemes for homeowners and assist you in applying for them.
It is vital to take out an insurance policy for mortgage payment protection at the time of taking out your mortgage for your home. Regular payments of the premiums would make you eligible for a claim in certain situations. These include a job loss, not being able to work because of an accident or illness or other extenuating circumstances. This insurance could take care of your mortgage payments for 12 months or more.