Friday, 30 May 2014

I do not have the money to pay off the mortgage - what to do

Life brings a lot of surprises and you never know what will happen to us. Therefore, we can not predict that within a few years, when we pay off your mortgage, our financial situation does not deteriorate significantly. What then? Is there a possibility to suspend debt payments and devotion at a later date?

If your financial situation is so bad that you can not donate monthly installments to the bank having to pay your mortgage , do not despair - all is not lost. Having financial trouble , you can visit your bank and inform its representatives. Do not this wait until the mailbox will be a letter asking for settlement of unpaid installments, because we will lose credibility and the harder it will be something barter. A bargain is worth it, because the banks are willing to go to make concessions in the name of being repaid at 100% of the loan. The easiest way is to negotiate a reduction installments at the expense of extending the period of repayment obligations. If we pay installments decreasing, it is also possible to convert them into equal, which is useful especially in case of trouble with the repayment of the loan appeared relatively quickly. If even that does not help, you may submit a request for connection to the credit of another person to help settle the liability. Some banks also offer a deferral of installments. The final solution is a consumer bankruptcy , which may benefit persons who have no means to repay the loan no fault of their own. If you have lost your job through a chronic disease, the collapse of its plant or other random events, as a last resort you can declare bankruptcy . Nevertheless it is worth to talk honestly with the bank about your situation and determine the solution that will be convenient for both the borrower and for the same facility. After all, the bank also working people.

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