Could You Default On Mortgage Repayments Soon?
Are You Close To Defaulting?
Maybe you have come very close to not being able to afford your mortgage repayment this month. Maybe it was a bit too close for comfort and seeing your bank account at zero just before payday left you with an uneasy feeling. You don’t want to default on mortgage repayments, but you also do not want to miss paying your other debts, which seem just as pressing – your credit card bills, your mobile phone bill, your gas bill – it might all seem too much as you might have a real fear that in the coming months you will default on mortgage payments.
If this is you and you think your default on mortgage repayments fears could become a reality, take stock. Sit down and assess all your outgoings over the month. What can you live without? You must remember how bad it could be if you default on mortgage bills. Can you live without a second car? Will you be able to entertain yourself without satellite television? Do you think you could stop the weekend shopping trips? If you default on mortgage repayments you could affect your chances of getting any finance in the future and could certainly be met with hefty fines and rising rates. You mortgage is your most vital debt, so don’t let it slip away.
Is There Any Way Back?
If you do default on mortgage repayments, it is certainly not the end. One default can be remedied, but it has to be remedied fast. Talk to your financial adviser about what you can do if you do default on mortgage deals. Defaults look bad on your credit score, but they will disappear over time, much like a cut, it will heal. But if you default on mortgage repayments time and again it will be much harder to remedy and you could seriously affect your future.
How Can You Not Default In The Future?
The easiest way not to default on mortgage bills is to simply keep to your plans. Ask your adviser to help you put together a plan of action that will mean you do not default on mortgage repayments. Economise and be realistic, but give yourself some leeway. Anyone can turn their finances and become a better borrower, but it will not work unless you can be sure that you can meet your goals without difficulty, every week.