Getting back on track with your monthly mortgage payments – Know your option


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.

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About wojciechpianka

After a few years of studying English and History at the University of Toronto, I decided to transfer to Ryerson University and pursue a Bachelor of Commerce degree. While studying, I worked various jobs where I acquired many skills. Starting as a teller at Scotiabank, I moved on to being a manager of a restaurant, admin staff at a medical clinic, a sales agent for INGDirect and a manager at One King West Hotel. While all these jobs challenged me, I never felt my potential being utilized. Finally in 2008, I completed the Ontario Mortgage Agent Course and signed up with The Mortgage Alliance Company of Canada. This was a great decision, as it allowed me to use the skills I learned working to help people achieve their real estate and financial goals. My passion for real estate and numbers has lead me to becoming a mortgage agent. Growing up in New York City, I always had a fascination of historic buildings and skyscrapers. At 21, I bought my 1st property and have been investing in real estate ever since. I firmly believe thru steady, safe and conservative investing a one can obtain long term financial wealth. One day, I hope to develop the same buildings I help clients purchase.
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