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Struggling to Pay Your Mortgage Payments - Here What to Do

Lenders are required to treat borrowers in this position “sympathetically and positively”. Make your Lender understand that you are struggling to pay the mortgage. If your problems are likely to be temporary, they may be able to arrange a mortgage repayment holiday for you, adding the arrears to the mortgage. Alternatively, they could switch you to an interest only mortgage, or increase your mortgage term, both of which would reduce the amount you had to pay each month.

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Struggling to Pay Your Mortgage Payments - Here What to Do

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  1. Struggling to Pay Your Mortgage Payments - Here What to Do Each month represents a slide backwards in your finances. The credit card you used last month to buy groceries is maximum and you are in the middle of high level negotiations to have your power turned back on. Meanwhile your refrigerator is as empty as your bank account, and you are receiving threatening letters from your mortgage lender. You are so underwater on your mortgage payments that you are struggling to pay mortgage. If your circumstances have changed you should inform your lender as soon as possible. It's important to be honest with your mortgage lender if you are having trouble. Lenders are required to treat borrowers in this position “sympathetically and positively”. Make your Lender understand that you are struggling to pay mortgage. If your problems are likely to be temporary, they may be able to arrange a mortgage repayment holiday for you, adding the arrears to the mortgage. Alternatively they could switch you to an interest only mortgage, or increase your mortgage term, both of which would reduce the amount you had to pay each month. If you are still unable to solve your situation of struggling to pay mortgage, here are some options: Housing and Credit Counseling You don’t have to go through the foreclosure prevention process alone. A counselor with a housing counseling agency can assess your situation, answer your questions, go over your

  2. options, prioritize your debts, and help you prepare for discussions with your loan servicer. Housing counseling services usually are free or low cost. Assess Your Current Financial Situation In order to help yourself, you need to first understand your financial situation. Sit down and create an honest budget based on your current financial situation and goals. Create a budget and stick to it. A budget will help you take control of your money and make sensible decisions on how you spend. It will also give you a financial roadmap to follow and allow you to cut back on your spending. Sell Your Property Perhaps you’ve come to the realization that selling your property is the best option given your financial situation. It may be worth listing your house on the market through a realtor or contact a Real Estate Investment Company that buys property without charging real estate fees or commissions.

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