Dealing with Mortgage Repayment Difficulties [mortgagedealstips.blogspot.com]
From the websites www.howto.tv and http There is a wealth of strategies, advice and practical support that can help you keep your head and your home As a homeowner in the current climate, there's a good chance you're worried perhaps deeply about being able to pay your mortgage. It may seem small consolation but, as you may have noticed, at least you're not the only one. But whatever the extent of your personal situation, panicking or ignoring your problems are the worst things you could do. Adam Sampson, Chief Executive of Shelter said: "As the credit crunch continues to bite, the reality is that more and more homeowners will struggle to keep up with their mortgage payments this year. We are seeing increasing numbers of people coming to us for help with mortgage problems and we would urge anyone in difficulty not to bury their heads in the sand and to seek advice early to ensure they don't lose their homes." Instead, it's important to keep cool and undertake practical strategies for staying on track and out of trouble. Here are just a few, as recommended by leading money advice charities and the Council of Mortgage Lenders: If you're beginning to worry, you should talk your lender immediately. Yes, you might be reluctant and even find the prospect a bit scary, but it's crucial. The Government has created safety nets to help you, such as the Court Pre-Action Protocol, which requires lenders to demonstrate that repossession of your home is their last resort. If you are ...
mortgagedealstips.blogspot.com How To Find Help For Your Mortgage Repayment
Homeowners struggle with mortgage repayment for various reasons. Unemployment, serious medical illnesses and other financial emergencies that drain a household budget make it difficult for homeowners to make mortgage payments on time. Although mortgages are "priority debts", the lender can repossess the home for non-payment, a homeowner with serious financial difficulties won't be able to make the full mortgage payments despite the risk to their home.
As soon as a homeowner realises he won't able to make the full mortgage repayment plan, he should create a household budget. He must pay as much money on the mortgage as possible until he works out a solution with his lender and considers his finance options. If the homeowner stops paying on the mortgage completely, the lender may be reluctant to help. Lenders are more willing to work with homeowners who try to make some sort of payment.
Once the homeowner has an accurate budget, he may consider his finance options. For example, consolidating other debts, such as credit card debts, may free up more money for the mortgage. A borrower who is already in arrears with the mortgage lender may have less finance options available because of the damage to his personal credit.
The homeowner should contact the lender directly after he has freed up as much money as possible for his mortgage repayment and knows what he can afford to pay the lender. Lenders have special programs to help homeowners who can't make their payments. What the homeowner will qualify for depends on the lender's internal guidelines, his circumstances, payment history and how long his payment difficulties will last. Some common assistance programs for struggling mortgage borrowers include payment reduction, payment "holiday", the lender allows the homeowner to "skip" some scheduled Suggest Dealing with Mortgage Repayment Difficulties Issues
