The prospects of losing your home to a mortgagee sale can be scary. Maybe you are facing financial hardships because you lost a job, or had an unforeseen issue, like loss of business due to pandemics like the coronavirus outbreak. Perhaps you are one of those rare customers who took a home loan that was just not the right fit.
Whatever caused you trouble, it’s helpful to know where you can go to get help.
Below are suggested places where you can reach out and get the necessary help.
First, Do You Understand Your Mortgage?
It may seem a little odd to ask this question at this stage, but do you know the kind of home loan you have? Do you know whether the mortgage payment will fluctuate? Or whether the payments will reduce with time or remain steady throughout the repayment period?
If you can’t tell this by the mortgage documents that you received from the lender, reach out to a bad credit mortgage broker and get help.
|The broker will help you understand the home loan and its structure as well as where you can go for help.
Speak to your bank or lender
When you incur financial difficulty which could jeopardize your mortgage payments it is essential that you start by going straight to the lender.
This may be the last place you want to be because of the embarrassment. But it’s not new and it’s certainly nothing to be ashamed of as everyone experiences hard times.
You should go first to the lender since it’s the only place where you can make a hardship application. But that can only apply if your home loan is not in arrears.
If you are already in arrears, you can look for non-bank lenders for some form of financial assistance for home loans. It helps a great deal to have a bad credit mortgage broker by your side when going through these.
Reach Out to a Bad Credit Mortgage Broker
Mortgage brokers are excellent financial advisors. They don’t just confine their advice to home loans but can give you valuable all-rounded information concerning your finances.
That means a bad credit mortgage broker can help you work on your budget, and help you make sufficient provisions for home loan payments. When you want to figure out an ideal home loan and repayment plan, reach out to a mortgage broker. It’s not just a matter of punching in figures on an online mortgage payment calculator.
You must factor-in other home-ownership-costs such as taxes and fit them in your budget. Plus, a bad credit mortgage broker will help you find non-bank lenders who can give emergency refinancing deals. If the payments are still not within your reach the broker will help you evaluate the option of selling before things get out of hand.
Reach Out to a Lawyer
Do you feel like you were unfairly treated by the lender? Or perhaps the discussions with the mortgage broker revealed that the loan was not a good fit for you from the onset. You can reach out to the Banking Ombudsman Scheme and file a complaint. Better still, reach out to a lawyer who can guide you through a legal process (which may involve courts) to reverse or order for a revision of a mortgage payment program.
Save your home from going to a mortgagee sale. Reach out to a bad credit mortgage broker and get help in making mortgage payments.