It’s wise not to hang around when you know that you need to sort your mortgage payments out. When situations happen in not being able to afford to pay your monthly mortgage payment, often panic can set in and a certain amount of inactivity and/or ignorance can occur as a direct result.
However, in situations like this, there is a basic action plan which you should put into place when dealing with your mortgage so that you are seen to be proactive rather than reactive. By ensuring that you make all concerted efforts to try and sort out any mortgage payment issues as quickly as possible, your lender would be more likely to work with you in trying to find a suitable resolution.
When mortgage payment issues occur
Speak to your Mortgage Lender – By telling them quickly that your incurring problems in paying your mortgage they will be able to advise you as to what options which might be available to you and will have procedures for dealing with cases like what you would be experiencing.
Make a Budget – List out your income as well as your spending and then try to prioritise your bills and keep paying what it is that you can afford.
Get Free Debt Advice – If you’re worried or feel that the debt problems which you are experiencing are getting out of control, you are able to get some impartial advice and help from organisations that specialise in money problems.
Check if you have Mortgage Payment Protection Insurance – Although this may seem obvious, as the assumption would be that surely you’d know you’d have cover or not. It still wise to look at your mortgage paperwork and/or double check with the mortgage lender. If you have cover and the policy covers your current circumstances then make a claim straight away.