Dealing With Mortgage Arrears
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Tackling Mortgage Arrears
Summary
Mortgage arrears can cause immense stress and anxiety because losing your home is not an option. While it's best to prevent arrears, quick action is crucial if you're facing them.Addressing Mortgage Arrears
Facing mortgage arrears can be overwhelming. Unlike other expenses such as cable TV or a morning latte, having a roof over your head is non-negotiable. It's important to address mortgage arrears decisively.Understanding Lenders
Lenders vary widely in how they handle arrears. Reputable lenders often work with borrowers to resolve issues, while others may aim to pass your debt to a foreclosing agent. Contact your lender to understand their approach and explore your options.Possible Solutions
1. Lender Cooperation:- Some lenders offer temporary solutions, like interest-only payments, or extend your mortgage by the number of missed payments.
- Contacting your lender can reveal potential solutions tailored to your situation.
2. Increasing Income:
- If your lender is uncooperative, look for ways to boost your income. This might mean prioritizing your mortgage over other expenses or picking up an extra job.
Misconceptions About Bankruptcy
Bankruptcy is not a guaranteed solution for keeping your home. While it may delay foreclosure if you're current on payments, it often involves surrendering home equity. Falling behind on mortgage payments and facing liens could still lead to foreclosure.Preventive Measures
To prevent complications, address mortgage arrears promptly. Stay in touch with your lender and keep an open mind about potential solutions, even if they seem unattractive initially.By understanding your lender's stance and exploring income options, you can manage mortgage arrears effectively.
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