Have you always been current on your monthly mortgage payments but are you unsure about your ability to make the timely payments with your present financial condition? If answered yes, you need not worry as there are multiple options that can help you get back on your present mortgage loan payments. Missing a mortgage loan payment can have an adverse impact on your personal financial life as your house is used as collateral to the loan. When you can’t repay the loan, it is most likely that the lender will foreclose your home to recuperate the money that they owe. If you’re worried about your options, here’s help for you. You can either go for a refinance loan or modify your home loan in order to your home ownership rights. Read on to know your options when it comes to repaying your secured loan payments.
1. Don’t ignore your money problems: You must not ignore your money problems
initially as this will push you deeper into the debt hole. If you’re going through a credit
crunch and you’re not being able to make timely payments on your mortgage loan,
make sure you take the right steps towards your finances that can get you out of this
situation. The more you avoid your loan, the more likely you’ll be to lose your home to a
foreclosure.
2. Contact a HUD counsellor: If you visit the website of HUD, you’ll see that there is a list of housing counsellors who can assist you and give you various options that can prove to be beneficial for your present financial state. They do not charge consumers with any fees but provide them with appropriate options that can help them repay their mortgage loan on time. You just have to tell them about your present financial status and the problems that you’re facing with your original mortgage loan.
3. Opt for refinance mortgage: When you fall back on your monthly mortgage payments, you can even opt for refinance mortgage loan so that you can utilise the proceeds of the new loan and use it in paying off the principal amount on your original loan. All you have to do is to shop around for the mortgage rates so that you choose a loan with the best rate in the market. The refinance mortgage can be used to repay the original loan amount and you can save your home from a forced foreclosure.
4. Modify your home loan: Another way out is to opt for home loan modification. You
just have to contact your mortgage lender and a financial consultant and tell him about
your financial hardship. The consultant will work in the best way possible and make sure
that the new terms and conditions of the loan suit your present financial affordability.
As they’re into the business for a long time, it is most likely that they’ll have enough
experience in getting the best deal for you. Take guidance from them so that you can get
your loan modified with the best terms and conditions.
Therefore, if you’re struggling with your mortgage payments, make sure you get your loan modified or go for a refinance mortgage loan. Know your options and value them so that you immediately get back on the right financial track and get rid of your secured loan worries.
This article is courtesy of Mortgage Cases. For more information please send me an email at wpianka@tmacc.com.
Greater Toronto Area Mortgages and Real Estate 