What Should I Do If I Can’t Make My Repayments?
Published by MFAA
Talk to the right people, at the right time
It can be stressful if you find yourself unable to meet your mortgage repayments and you’re in danger of defaulting. But you’re not the first person to face difficulties, and there is almost always a solution. You just need to talk to the right people at the first sign of difficulty.
Talk to your lender
You probably won’t want to talk about your mortgage situation. But the problem won’t solve itself and avoiding matters won’t help. Remember: your lender doesn’t want to foreclose your loan – it’s no fun for them either. So call and let them know what’s happening.
Talk to your other creditors
If you’re struggling with your mortgage repayments, chances are you’re maxed out on your credit cards as well. You need to talk to these people too. And any other creditors. Again, it is in their interests for you to find a solution. But you need to keep people in the loop. In these situations, silence is anything but golden.
Talk to an MFAA member
Refinancing your mortgage in a way that suits your current situation may help. But you’re probably not the best person to find a solution. You need to talk to a mortgage specialist. And that means a member of the MFAA. They are the Essentials of Borrowing. Talk to an MFAA member today.
Talk to a financial consultant
If the situation is becoming overwhelming and you are really in danger of defaulting, you may need to consider speaking to a financial consultant or accountant.