Pushing A Mortgage Payment Back

Sometimes in life, things go wrong – it is a simple matter of physics that something will go wrong at least once in your life. When times are tough financially, home owners really battle to meet mortgage payments and may need a helping hand. The situation is far from hopeless though, most lenders will be willing to try and assist clients with a payment plan that is suitable for both and that helps to avoid excessive costs. Deferring the payment is one way they may suggest going forward.

Get hold of them sooner rather than later and definitely before you default. By being upfront with them, you allow them to really look at a way to assist you. There are generally a lot more alternatives open to someone who is current with their bills than not. If they have to contact you about catching up, you may also find that they are not as willing to assist. The trick is to find the right people to deal with.

Start off by looking on the company’s website to see whether or not they have a department to deal with debt review, etc. and what their regulations state in this regard and what your options are. You need to go through to someone who is able to go through your options and who is able to deal with the situation. This is bound to be embarrassing for you and so it is a good idea to deal with someone with the training and tact to assist you. You will need to be prepared to forward copies of your bank statements and proof of what you earn. You will also need to lay it out in writing – what the problem is, why it came about and what time frame you are looking at. If you’re looking for the best mortgage calculators, get it here!

If you are expecting an outcome that can remedy the situation, add this into the letter – say that you are getting a 13th check in a few months time – this might help you catch up the arrears. What the lender wants to know is that you are also trying to help yourself.

Once the relief has been granted, be sure to communicate with them on a regular basis. Has something improved? Has the situation worsened? They want to see that you are really trying to fix the problem and not just trying to shift responsibility. If you can convince them of this, you are more likely to be able to remain in your home. Just make sure that you stick to new arrangements that have been made.

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