Home > Finance, Home, Home Loan, Loan, Mortgage > Can’t make your Payment? Act! Don’t Hide; there is an answer!
Nov
19
2009

Can’t make your Payment? Act! Don’t Hide; there is an answer!

repair
Creative Commons License photo credit: TheTruthAbout…

 

What to do if I am struggling with my Mortgage Repayments?

 

If you are in the verge of missing your mortgage repayments, then call your lender now and make some arrangements. Most Lenders don’t want to foreclose on your property and will be willing to work with you IF you communicate with them.

One option to consider, if you simply cannot cover your mortgage payments either now or in the near; future is to consider selling, downsizing or renting.

If you have figured out why you are unable to make your house payments, putting your home up for sale may be your best option. By putting your home up for sale this may preserve your credit rating and keep your credit history intact. Also, you may be able to move into a much cheaper place that is affordable and will help you regain control of your life and your finances.

Consult a mortgage professional to see if there are any other options available.

If you haven’t got any solutions for your repayments, then the last thing that you want to do is declare bankruptcy. The new laws that have gone into effect recently make this option even less appealing than before (and it never was appealing!) — and less effective in getting you out of your financial straits. The decision to sell your home might be quite stressful, but much less so than the alternatives.

If you sell your home, there might be a chance that the appreciation on your home might give you enough cash to start over again with a clean slate. Clean credit files are VERY important.

 

I you have any questions or need some assistance; contact Julie@novastarfinance.com.au

Visit us at www.novastarfinance.com.au 


foreclosures
Creative Commons License photo credit: TheTruthAbout…

posted in Finance, Home, Home Loan, Loan, Mortgage by Finance Help

Follow comments via the RSS Feed | Leave a comment | Trackback URL

Leave Your Comment

You must be logged in to post a comment.

 
Theme by openark.org