Falling behind with your mortgage repayments?

Falling behind with your mortgage repayments?

Falling behind on mortgage repayments?

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.

There are 3 comments for this article
  1. Paula at 2:26 pm

    I am in the same boat having been made reduntant. Fortunately, I did get a redundancy package that will help cover my outgoings for the next year but I am getting worried that if things don’t improve by then, I may have to consider selling up or downsizing to a smaller cheaper place. Not sure that a bank will give me a second look though if I’m not working…

  2. Jonathan at 6:48 pm

    There are a few finance sites that might be helpful. You could try http://www.askaboutmoney.com, http://www.itsyourmoney.ie, http://www.citizensinformation.ie. They might be able to help. How about family income supplement? Is this an option? Maybe your local health board can help or advise on any support available.

  3. Mark at 7:44 pm

    I have to say that the banks should be ashamed of themselves, I have just lost my job and went to my bank and asked to reduce to an interested only mortgage, they said there was no way now until the market returned. I went to the social welfare to see if I could get help with my mortgage, I was turned down because my wife is working and taking home €31K. If they think 31K will cover the mortgage, kids and food then these public sector employees need to get real !!!!

    Can MyHome give me some numbers of where to get some financial advice ?

    Mark

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