What can you do when Money is Tight and you struggle with Mortgage Repayments?
Are you facing immense mortgage stress after a sudden financial change?
Do you find yourself struggling with mortgage repayments?
Be it due to a medical emergency, job loss, or an accident?
When your money runs tight, your financial situation can be quite stressful, especially when you have mortgages to repay and you are at the risk of losing your home.
However, you can turn the situation around by making some careful analysis of your expenditure, and researching different means of emergency financial assistance.
Step 1: Assessment
The first step is to stop struggling with mortgage repayments is to not panic. Remain calm and carefully evaluate your financial situation. To begin with, identify the cause of this financial emergency. Analyse the different areas where your expenses are mounting. When you understand the main reason behind the current situation, and the different financial burdens you have, you can make the right plan to tackle your mortgage debt.
Step 2: Listing your Expenses
The next step to stop struggling with mortgage repayments is to pay a number of bills from your daily expenses. You should list out all your bills and prioritize your expenses. Identify areas where you can cut back your spending even if they are things you are used to enjoying, so that you do not spiral down in an even deeper financial trap
For Example, If you have too many channels on your television, which you barely watch, eliminate them from your cable package and reduce the bill. If you usually go out to eat, you can try cooking at home, so that you may save some money that way.
Step 3: Step up your Interaction with your Bank
When you first realise that you are struggling with mortgage repayments instead of being wary of your bank, communicate with them more often. Banks actually want to help their customers with their financial situation. In fact, it is imperative that you remain constantly in touch with your banks or lenders and keep them informed about your financial progress, be it good or bad.
By ignoring them – you will not be viewed favorably by the bank, and if you are in trouble with your mortgage payments, they might just commence the repossession process faster.
By getting in touch with your bank officials as soon as you can.
Most banks will let you apply for a repayment arrangement for your other debts to help you focus better on your mortgage. Instead of monthly payments, you can make more regular payments on a weekly or fortnightly basis as well.
You may be able to refinance your home loan if you can get a cheaper rate that you can afford rather then to keep struggling with mortgage repayments. Also ask the bank if they can extend the contract, so that you can reduce the repayment amount per month. You should only refinance if you know you can afford the new minimum payments required as part of the refinance.
Step 5: Get help from a Trusted Foreclosure and Repossession Expert
If you are still unsure of what options when you are struggling with mortgage repayments – you may approach a trusted Foreclosure and Repossession advocate who can help you regain control of your finances by helping you with information and tools to get yourself out of the mess you find yourself in. If you are looking for a way out of your mortgage stress in Bankstown, Penrith, Newcastle, Cessnock, Campbelltown, Parramatta or anywhere else throughout Australia – call us on us (02) 8006 0420 – we will have the right solutions to help you.
Alternatively the best place to start when struggling with mortgage repayments is by clicking here to access a complimentary report: “7 Actions You Can Take RIGHT NOW if You Are in Financial Trouble and in Fear of Losing Your Home (Warning: Not Taking Action Could Be Disastrous!)”