Unforeseen circumstances such as illness or redundancy can result in difficult financial situations. So what exactly can you do if you find that you are not able to meet your mortgage repayments?
The first thing to do is to contact your mortgage provider immediately. Don’t stick your head in the sand and pretend it isn’t happening. If you contact them directly, you may … be able to renegotiate a repayment structure that best suits your current economic situation until you get back on track. Most financial institutions don’t want to repossess properties. After all, many properties are now worth less than the outstanding mortgages due to problems of negative equity. Banks don’t want to get lumbered with a property that is worse less than the loan. It is in their interest for you stay in your home and rearrange repayments that are more realistic for you.
It might be difficult to imagine that a bank can be compassionate but if you are honest and open with them it may help get you out of a hole. It’s also worth checking out whether you are entitled to any sort of assistance with your mortgage from the social welfare or your local health board.