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Foolproof Solutions to Your Mortgage Debt Problem

One of the most terrifying things in the world is the possibility of losing your home because of a mortgage debt. It’s a tough situation to be in, something that will require both your financial and emotional stamina. There are many reasons why someone would have troubles paying the house mortgage. Maybe it’s because you lost your job, got into a deep emergency, or maybe the economy got you down.

Regardless of your reasons, there are still ways in which you can deal with your mortgage debts. The main reason why you are suffering from this problem is because you failed to pay for it. It’s time for you to get back to your feet and work your way. And we are here to help. Below are some of the advice that we have when facing such difficulty:

1. Talk to a mortgage professional

You might want to heed the help of a mortgage professional if you want to get out of this mess. It’s like an intervention. The professional can help you plan out your finances, scheduling your payments, and so on.

2. Get a clear picture of your finances

Collect a detailed list of your financial obligations. This includes credit cards, other loans, household bills and so on. In this way you will have an idea on where you are in your finances and what’s preventing you from paying your mortgage right.

3. Make extra payments

In order to get out of a debt, you will have to spare some extra cash from your budget monthly. So cut out those trip to Starbucks or your unnecessary cable TV. By saving up, you actually have the chance to save the roof over your head. Working overtime or getting a second job may help too.

4. Rent your home 

Another option that you can do to make extra payments is to rent a room of your home. If you have extra space then there won’t be any harm to welcome a guest or two to your home. Add the income that you get from renting to your mortgage payment.

5. Extend your loan term

Another tip that you can use is to add what you owe to your capital or the money that you borrowed. This way you can ask the lender or the bank to extend the term of your mortgage. A disclaimer: this trick can only increase your house’s interest  making you pay for a larger sum of money that you expected.

6. Get forbearance

You also have the option to get forbearance. Forbearance means getting temporary reduction or suspension to your mortgage. This is only applicable to those who lost their job, experienced a natural disaster, or had a major health crisis.

7. Work with your lender

Call your lender right away when you know that you won’t be able to pay the mortgage. Tell them that you need more time before you can pay for it. Making your lender wonder why you’re not paying or why you’re not answering their homes will only lead to foreclosure.

What’s important is to be honest not only to the lender but also to your self. Financial mistakes do happen and the best thing that you can do is to learn from it.

Image source: http://www.persquare.com.ph/for-sale/house-lot-calabarzon-region-4-a-batangas-lipa/live-your-dreams-at-kayla-3-bedroom-house-lot-for-sale-in-lipa_90583 – RobWoo Realty