Your mortgage is a priority which must be paid on a regular basis, otherwise your mortgage company is entitled to repossess your home and sell it to recover their money. If you have debt to your mortgage company and need help then speak to Debt Support Trust today.
The charity advisors at Debt Support Trust provide holistic debt advice on a wide range of issues. You can get debt advice by telephoning 0800 085 0226.
Help with Mortgage Debt Problems
We’re focussing on priority debts this week and one vital expenditure which must be made on time is rent or a mortgage. This ensures you retain your property.
If you have arrears on your property loan then your lender will work with you initially to resolve the problem. Usually when your mortgage is 3 months in arrears your lender will commence court action.
It’s always best to liaise with your mortgage company before the debt grows too large. By speaking to the lender you can reduce the chance they will proceed with repossession or court action.
Assistance with Mortgage Debt
There are a number of financial solutions which can help you deal with your mortgage debt problems. If you are failing to pay your mortgage because of other unsecured debts, like your credit cards and overdrafts, then there are debt solutions which can resolve this. By resolving your unsecured debts you would then be able to afford your mortgage.
If you have recently become unemployed then you could be struggling to pay your mortgage. There are solutions which can help pay your mortgage interest for up to two years.
What happens after my home is sold?
If you fail to come to an acceptable agreement with your lender to repay the arrears on your property then your home could be repossessed and sold.
The property can be sold under value in order to recoup as much money as possible. If the outstanding mortgage was £150,000 but the property was sold for £130,000 then there would be a £20,000 shortfall. The property owners would be liable to repay this £20,000, plus any fees for selling the property.
If the property is jointly owned by two parties and their is a shortfall then both parties are liable to repay the full amount of the debt.
Mortgage Debt Support
You can receive help with your mortgage debts from Debt Support Trust. We will review your financial position and discuss the options available to you. As well as considering your secured debts we will also review unsecured debts to help resolve your complete debt problem.
For help with your mortgage debts please call 0800 085 0226 or complete the debt test below.