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Home Loan Financing: Missed a Mortgage Payment lately?

Missed a mortgage repayment lately ?

Did you know that missing a mortgage repayment is NOT the end of the world!

Nor need it be the end of your ability to borrow.

You might think that missing a mortgage repayment is a pretty bad situation.

Well the good news is that you have lots of options, depending on the circumstances involved.

The key is - you MUST act fast. Your lender will not like being ignored and will not react favourable if you do not communicate with them.

You can talk directly to your lender if you are confident to do so, or you can contact us and we will act for you and assist you to recover you situation.

So What can be done?

FIRSTLY, your lender needs to be contacted and advised of the situation, either directly by yourself, or by us.
This will open an initial dialogue channel for ongoing communication until your issue is resolved.

Your lender will also be keen to understand

NEXT, address the FEAR FACTOR.

It is quite normal to feel embarrassed and fearful to talk to your bankers when things go wrong - after all, they are the big conglomerate and you are just a numbered statement. Remember - this can and does happen to everyone, and generally your lender will be well versed in dealing with these situations. At the end of the day, they too, want to see you recover and continue providing to them the profitable business you have in the past.

THIRDLY, you must prepare a plan.

Usually in the form of a detailed cash flow budget to present to your lender that clearly shows ....

The preparation of this plan can be done by yourself, or you can ask us for assistance.

FOURTH, and most importantly, ASK FOR HELP.

Most of us are not familiar with the finance system and are not in the strongest position to negotiate with lenders and know your options. Some professional assistance will prove invaluable when you begin to negotiate with your lender.

THINGS to AVOID.

Above all, these are a few things NOT to do, namely ....

Lastly, BE MENTALLY PREPARED.

Your difficulties, whilst different for every client, can in all probability be resolved. That does not mean the Doctor will not prescribe some unpleasant medicine - sometimes it is necessary to take actions that on the surface we would prefer not to, but are for the long term good of your financial health.

You can be assured that as specialist financial strategists, the advice we provide will be totally and solely in your best interest.

A useful budgeting guide can be downloaded below.

Budgeting

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