A quick search on the internet on the subject of mortgages will likely highlight many comments from people entitled; I need help paying my mortgage. This is a popular subject since the financial market crash because so many people are now having financial difficulties. This problem grows day by day and thousands are even losing their homes because of this. We are in no doubt that this is a serious problem.
If you are one of those people who are saying, I need help with my mortgage then it will be helpful to know that there are some avenues of aid available to you. Under the circumstances I wouldn’t say they are enough and the government is not doing nearly enough to help the situation. Needless to say it is certainly worth looking into the few options that are available. These will be beneficial to some and not quite so to others. Individual circumstances will require different attention.
Getting Government Help
It can be said that the government are not doing enough to help stop people from losing their homes but on the other hand there is not a lot they can do given the financial situation. There is certain assistance available for the most severe cases. Severe cases will usually mean families with young children who are on the verge of being evicted from their home and have no were else to live. In these severe cases the government has no choice but to offer assistance.
When someone goes to the government and says, I need help paying my mortgage, the government will want to look into the circumstance thoroughly. The process can take a little while but they can act to ensure the any pending eviction from the home is delayed while they consider the circumstances. They will want to look at things like the financial statements, close relationships to family and any monies coming in and the expenditures amongst other things.
Getting Help From Friends Or Family Members
In some case the government will decide that they cannot offer any help because while your circumstances are difficult, they do not meet their criteria for granting help. Another idea might be to approach a member of your family and explain that, I need help paying my mortgage. It will be good to approach someone you have a good relationship with and trust. You can then sit and discuss how best to proceed. If this is only a temporary financial setback then a small loan if possible from the family member might be very beneficial.
It is important to make sure you discuss things thoroughly with people. Speaking to another family member or friend that you trust can result in the highlighting of certain flaws in your finances which you may not have realized before. You might then get some ideas on how to make ends budget better in the future and avoid getting into a similar situation.
Call The Mortgage Company
Mortgage providers can be seen sometimes as heartless corporations who do not really care about the people and their homes. This may or may not be true but it can do no harm to call them up and let someone be aware of your situation. Rather than say to them, I need help paying my mortgage, you might just let them know that you are having some temporary financial difficulty. From that point you could request some form of arrangement to be made.
Many of the mortgage companies have things in place to help ease the stress that people face in times of financial difficulties. This includes things like allowing a person to have a mortgage break for six months, changing the repayment plan to paying interest only which results in lower monthly payments or offer helpful advice for other things that people could consider.
Take Out A Loan
Technically your mortgage is a loan and it is bad practice to take out a loan in order to pay off another loan. This could be considered if it could be used to get your finances in order. A loan could pay off any other borrowings you have and ensure that you only have to repay one loan. Other borrowings could include things like a credit card, store card or over-draught. If these are paid off then it could bring down the overall monthly expenditure on repaying everything separately.
A loan like this could probably be considered long before things got too bad but could still be useful right up to the eviction notice stage. If there are no other real debts to consider consolidating and you really only need to cover a financial gap for a month then a payday loan might be of some benefit. These are small loans that can be used to pay for things like mortgage payments for month. These loan companies do expect you to say anything like, I need help paying my mortgage this month. They will lend the money without any questions asked.
Payday loans are becoming increasingly popular because they are so easy to avail and people do not have to commit to any long term repayment plans. There are several reputable companies that operate in this industry through the internet. The internet services are usually quite straight forward and quick, with everything being done through the website including the signing of the loan contract.
Each month millions of people have difficulties with their mortgage payments and think, I need help paying my mortgage. For most it might just be a temporary problem because of some emergency financial situation that month. For others it might be something more serious and long term. Whatever the situation and reason for missing a mortgage payment, there are ways to get help and get out of the situation.
As with most problems in life it is best to deal with any mortgage issues as soon as possible. Call the mortgage company to explain the situation and then seek advice and see what help is available to you from the government or other avenue.