How To Cope With Your Mortgage Arrears
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James Copper
Apr 26, 2013, 6:10:06 PM4/26/13
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Article Title: How To Cope With Your Mortgage Arrears
Author: James Copper
Word Count: 518
Article URL: http://www.isnare.com/?aid=235697&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=235697
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Are you having trouble paying your mortgage? If you are, you should know that you may have options! Mortgage arrears often lead to repossession or foreclosure. If you happen to be one of those people who are falling behind in your mortgage payments, you�d better shape up or lose you house. To help you protect your home from foreclosure due to mortgage arrears, here are some tips for you. You never know, you may be able to avoid repossession or foreclosure!
Getting a mortgage payment protection plan
There are many insurance companies all over the country that are offering mortgage payment protection plan. The good thing about getting mortgage protection plan is that the insurance company will assume the payment of your mortgage in case you are unable to pay for it due to illness, unemployment and other causes stipulated in the insurance policy.
When getting your mortgage payment protection plan, make sure to check all the pertinent provisions in the policy. Read the fine prints in the insurance contract and if you have some questions regarding the provisions of the contract, ask the insurance underwriter to explain the provision to you. Make sure that you get a policy that has a minimum payout period of 30 days from the time of the claim.
Although this type of insurance policy will cost you a bit more than those policies that has a standard minimum payout period of 3 months, with the 30 days minimum payout period, you can be sure that you will still have a roof over your head. Note that there are some banks around the country that institute foreclosure after a client misses out two consecutive payments. If you have to wait for 3 months for your insurance company to start paying your mortgage, you will end up losing your home. Given this scenario, you cannot afford to save a few dollars off your insurance policy if you do not want to risk losing your home in the end.
Ask for Loan Reconstruction
If you mortgage arrears are getting a bit heavy, you may need to request the bank for a debt restructuring. Debts restructuring means that you draw out a new loan to pay the old loan. The bank will close your old loan with them and set up a new one. Don�t worry, most banks are open to the possibility of debt restructuring especially if you have been a good client before you lost your job or have fallen ill. Besides, banks are inclined to help you pay your debts because this means that they will also be able to recover their money.
The good thing about restructuring your loan is that you will be able to get better terms and conditions on the new loan. For instance, you can ask the bank to give you a longer payment period for the new loan. Note that longer payment period will help you spread the amount of the loan over a period of time thus you get you pay lower monthly amortization.
About The Author: James Copper is a writer for http://www.any-loans.co.uk/remortgages.php
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=235697
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
James Copper
*****************************
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=235697
- 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=235697
- 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 Cope With Your Mortgage Arrears
Author: James Copper
Word Count: 518
Article URL: http://www.isnare.com/?aid=235697&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=235697
Easy Publish Tool: http://www.isnare.com/html.php?aid=235697
*********************** ARTICLE START ***********************
Are you having trouble paying your mortgage? If you are, you should know that you may have options! Mortgage arrears often lead to repossession or foreclosure. If you happen to be one of those people who are falling behind in your mortgage payments, you�d better shape up or lose you house. To help you protect your home from foreclosure due to mortgage arrears, here are some tips for you. You never know, you may be able to avoid repossession or foreclosure!
Getting a mortgage payment protection plan
There are many insurance companies all over the country that are offering mortgage payment protection plan. The good thing about getting mortgage protection plan is that the insurance company will assume the payment of your mortgage in case you are unable to pay for it due to illness, unemployment and other causes stipulated in the insurance policy.
When getting your mortgage payment protection plan, make sure to check all the pertinent provisions in the policy. Read the fine prints in the insurance contract and if you have some questions regarding the provisions of the contract, ask the insurance underwriter to explain the provision to you. Make sure that you get a policy that has a minimum payout period of 30 days from the time of the claim.
Although this type of insurance policy will cost you a bit more than those policies that has a standard minimum payout period of 3 months, with the 30 days minimum payout period, you can be sure that you will still have a roof over your head. Note that there are some banks around the country that institute foreclosure after a client misses out two consecutive payments. If you have to wait for 3 months for your insurance company to start paying your mortgage, you will end up losing your home. Given this scenario, you cannot afford to save a few dollars off your insurance policy if you do not want to risk losing your home in the end.
Ask for Loan Reconstruction
If you mortgage arrears are getting a bit heavy, you may need to request the bank for a debt restructuring. Debts restructuring means that you draw out a new loan to pay the old loan. The bank will close your old loan with them and set up a new one. Don�t worry, most banks are open to the possibility of debt restructuring especially if you have been a good client before you lost your job or have fallen ill. Besides, banks are inclined to help you pay your debts because this means that they will also be able to recover their money.
The good thing about restructuring your loan is that you will be able to get better terms and conditions on the new loan. For instance, you can ask the bank to give you a longer payment period for the new loan. Note that longer payment period will help you spread the amount of the loan over a period of time thus you get you pay lower monthly amortization.
About The Author: James Copper is a writer for http://www.any-loans.co.uk/remortgages.php
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=235697
*********************** 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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