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Sell Your House Fast - Managing Your Debt
HELP! I can’t make my mortgage repayments! - There are two types of financial difficulty when it comes to paying back debt - short-term and long-term. For those who are facing short-term money difficulties the lender is more likely to give you a period of flexibility if you explain your predicament early on.
Talk to your mortgage lender, explain the situation and try to negotiate a payback scheme so that you can reduce payments until you’re back on your feet. The law says your lender must treat you fairly and take your circumstances into account. If however, there seems to be no end to your financial difficulties you may need to sell your house fast, buy a cheaper house, or consider re-mortgaging over a longer period of time.
Prepapre A Debt Repayment Plan - Not only will drawing up a repayment plan help you to organise your finances it will also reduce stress by transforming a financial muddle into a clear plan of action. You can write up this plan yourself by deciding on a realistic figure to repay each month for both the continuing mortgage and any arrears. Alternatively, if you feel that you’d like the help of an expert there are a number of organisations you can contact such as the Citizens Advice Bureau http://www.adviceguide.org.uk and Community Legal Advice http://www.communitylegaladvice.org.uk. These organisations offer free property advice connected to debt and are designed to help people from all walks of life. They can help draw up a debt repayment plan and negotiate with your lender on your behalf discussing your income, expenditure and how much you can afford to pay back.
Get In Touch With Your Mortgage Lender - Your next course of action is to contact your Mortgage Lender. With your debt repayment plan at hand you should be able to negotiate a system for affordable repayments. Your plan should include a financial statement which proves your current income, outgoings and expenditure. Don’t be intimidated, stand your ground but also listen to any suggestions your lender may have too.
