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Posted by chains : November 19th, 2007

Mortgage arrear

hi my partner and I have fallen behind in our mortgage as i have had to stop working due to injury. got back from the doctors an hour ago and he says i can't work for at least another six months and now i'm panicking as finanically things are only going to get worse. what should i tell my bank? what can i do?
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Hi Chains

The best thing for you to do, is contact your bank asap. Explained the situation to them. Im not a mortgage broker or advisor but here is a few ideas to consider. They may beable to give you holiday payments (where you are free from paying for a certain amount of time). They can decline this request, but if they agree at least then you dont have to worry about falling further behind. Another way is to ask if you could possible extend the term your mortgage is currently on. The payments would decrease. Apart from that, really the best thing for you to do would be to try and pay either as much as you can towards the mortgage or the full amount. Try to pay abit more to the mortgage company towards the arrears, to stop you getting more in debt. For more info, speak to your mortgage comany, they will beable to go into more details about your options. Hope this helps
Posted by: dat help