Struggling To Pay Your Mortgage? Unmissable Advice To Help You Stay Out Of Debt

| August 16, 2016 | 0 Comments

Owning a property is great, but it comes with a lot of financial pressure. You will take out a mortgage over a long period with monthly payments you need to meet. However, sometimes it can be a struggle keeping up with the payments. If you have missed a couple, it’s time to take action before you lose your home and get into a lot of debt. Here is some unmissable advice you need to help you when you are struggling to pay your mortgage.

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Talk to your bank

The first thing you should do if you are struggling to pay your mortgage and are worrying about losing your home is talk to the bank. Explain to them your situation and why you are struggling to pay the amount. They may be able to put you on a mortgage payment holiday where they reduce your payments for a couple of months. It will give you time to sort your finances out, and figure out how to move forward with the monthly payments. It’s always a good idea to talk to your bank before you end up getting into further debt.

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Consider selling up

Another piece of advice you need if you are struggling to pay the mortgage is you should consider selling up. It will stop you getting into big financial trouble and losing your home. You could put your home on the market, so the realtor can start finding a new owner for your property. However, it can take ages to find a buyer for your home. And if you are running into debt, you will be undoubtedly thinking ‘I need to sell my house fast.’ There are some quick ways to sell your home. You could consider selling to an investor, who will take it off your hands quickly, or you could sell it for cash to a company online. That way, you can have a cash amount to pay the bank, so that you won’t get into any more financial debt. When you are back in financial strength, you can look at buying another home.

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Consider modifying your mortgage

An additional piece of advice you need if you are struggling to pay your mortgage is you should consider modifying your loan. You might be able to modify your interest rate, so you aren’t paying as much. You may also be able to switch to a fixed interest rate, rather than a variable interest rate, so you have one specific payment to make every month! You could also talk to your bank about extending your mortgage. It will reduce the mortgage payments, meaning it’s easier to pay every month!

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Bring in a roommate or rent out your home

You could also bring a roommate in to help cover the mortgage. You could rent out your spare room, and the payment will ensure you can meet your mortgage payments. You could rent out the whole home for a short period, and move in with a family member or friend. That way, your whole mortgage payment is being paid while you try and get back into financial strength. Remember to tell the bank and the government you are renting out your home.

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Remember that you can see if there is help available for your low-income family. You might be able to get a grant to help you cover the costs.

Category: Home Loan

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