How to Avoid Defaulting On Your Mortgage Payments
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Peter Diamant
Apr 4, 2013, 6:40:03 AM4/4/13
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Article Title: How to Avoid Defaulting On Your Mortgage Payments
Author: Peter Diamant
Word Count: 518
Article URL: http://www.isnare.com/?aid=549345&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=549345
Easy Publish Tool: http://www.isnare.com/html.php?aid=549345
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If you see meeting your mortgage payment obligations on your home is going to be problematic, the first step is to take a deep breath. There are literally millions of people that face the same problem. You are not a bad person, so leave any feelings of guilt at the door. You do not have time for them. Instead, you need to focus on your options. Fortunately, there are ways to avoid default and keep your home and avoid a mortgage default.
1. Make up Back payments
Your first option is to find a way to make up the back payments and continue fighting to make your payment on time every month. Although not an attractive option, it is an option. Explore options to decrease expenses and increase income, such as an additional job, selling possessions, and look to community resources for help. You may have to temporarily cut back on things like dining out, internet and cable. If you have a basement or spare room you may consider renting it out. The extra income could be up to 50% of your mortgage payment. True, there is some inconvenience, but it is a small price to pay for the extra income.
2. Work with Your Lender
Contact your mortgage lender. Banks do not want to foreclose on your home. The process is long and costly, and in the end, mortgage lenders lose money. Instead, they would rather work alongside borrowers that are slightly behind on payments, and come up with a practical solution. Consider extending your mortgage term to reduce your monthly payments. The downside is that you will end up paying more in the long term. However, if it means you are able to continue meeting the minimum mortgage payments, it is worth doing.
Set up a repayment plan. If you are unable to pay your mortgage payment for one or more months, the lender may agree to a repayment plan. The mortgage lender adds additional money to each subsequent mortgage payment until the loan is up-to-date.
3. Refinance your mortgage.
This is perhaps the easiest and most effective method. If you happen to be on your bank's existing standard rate, the chances are you will be able to find a much better deal.
4. Talk to a Financial Advisor
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. This will arm you with expertise and resources with which to approach planning your financial future and make the most of your current circumstances.
5. Resell � Downsize.
This option is probably the most drastic and only to be undertaken when the others have failed. If you are able to sell your home, you can temporarily rent somewhere cheaper or buy a cheaper house in a different location. The money saved can be used to pay off your mortgage. This option is not easy, due to the costs involved in moving, but it might be worth doing in the long term.
About The Author: Peter Diamant is a realtor with Sutton Group-Admiral who specializes in Richmond Hill homes for sale http://www.buysellyorkregion.com/richmond-hill-homes-for-sale.html. and Richmond condos for sale http://www.buysellyorkregion.com/richmond-hill-condos-for-sale.html
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=549345
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Peter Diamant
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=549345
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=549345
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: How to Avoid Defaulting On Your Mortgage Payments
Author: Peter Diamant
Word Count: 518
Article URL: http://www.isnare.com/?aid=549345&ca=Real+Estate
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=549345
Easy Publish Tool: http://www.isnare.com/html.php?aid=549345
*********************** ARTICLE START ***********************
If you see meeting your mortgage payment obligations on your home is going to be problematic, the first step is to take a deep breath. There are literally millions of people that face the same problem. You are not a bad person, so leave any feelings of guilt at the door. You do not have time for them. Instead, you need to focus on your options. Fortunately, there are ways to avoid default and keep your home and avoid a mortgage default.
1. Make up Back payments
Your first option is to find a way to make up the back payments and continue fighting to make your payment on time every month. Although not an attractive option, it is an option. Explore options to decrease expenses and increase income, such as an additional job, selling possessions, and look to community resources for help. You may have to temporarily cut back on things like dining out, internet and cable. If you have a basement or spare room you may consider renting it out. The extra income could be up to 50% of your mortgage payment. True, there is some inconvenience, but it is a small price to pay for the extra income.
2. Work with Your Lender
Contact your mortgage lender. Banks do not want to foreclose on your home. The process is long and costly, and in the end, mortgage lenders lose money. Instead, they would rather work alongside borrowers that are slightly behind on payments, and come up with a practical solution. Consider extending your mortgage term to reduce your monthly payments. The downside is that you will end up paying more in the long term. However, if it means you are able to continue meeting the minimum mortgage payments, it is worth doing.
Set up a repayment plan. If you are unable to pay your mortgage payment for one or more months, the lender may agree to a repayment plan. The mortgage lender adds additional money to each subsequent mortgage payment until the loan is up-to-date.
3. Refinance your mortgage.
This is perhaps the easiest and most effective method. If you happen to be on your bank's existing standard rate, the chances are you will be able to find a much better deal.
4. Talk to a Financial Advisor
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. This will arm you with expertise and resources with which to approach planning your financial future and make the most of your current circumstances.
5. Resell � Downsize.
This option is probably the most drastic and only to be undertaken when the others have failed. If you are able to sell your home, you can temporarily rent somewhere cheaper or buy a cheaper house in a different location. The money saved can be used to pay off your mortgage. This option is not easy, due to the costs involved in moving, but it might be worth doing in the long term.
About The Author: Peter Diamant is a realtor with Sutton Group-Admiral who specializes in Richmond Hill homes for sale http://www.buysellyorkregion.com/richmond-hill-homes-for-sale.html. and Richmond condos for sale http://www.buysellyorkregion.com/richmond-hill-condos-for-sale.html
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=549345
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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