If you've taken a mortgage loan and are unable to make regular mortgage
payments, then you've just started to build for yourself the situation
of "debt trap". You may have been unable to pay because of certain
other financial commitments or simply you didn't have that much cash.
Now, you can't keep the situation sustained. For, if it sustains your lender will take you to court and you may then end up with no options else then losing your home. In most of the situation, if the debtor fails to repay the debt after considering the repayment holidays or extending the term or type of mortgage, then there is no option left else than repossessing the property of the debtor. In order to solve this situation, you need to consider on various options to make some way out of it.
Here are some tips and guidelines and initiatives that might help you to pay back the money you owe to your lender. These include:
1. One such initiative is where the non-profit housing associations shall buy your property and then even allow you to stay there. This scheme is popularly known as Mortgage Rescue Scheme in England and Wales and it is run by the local authorities there.
2. Similarly, in Scotland the scheme is known by the name of Mortgage to Rent Scheme and is run by the Scottish government as a part of its Homeowners' Support Fund. The same fund also includes the scheme of Mortgage to shared Equity Scheme, which enables Scottish government to own part of your home.
3. In Northern Ireland, there is a government initiative called Housing Advice NI.
4. The scheme of Homeowner Mortgage Support, makes it easy for the debtors who have seen a change in their incomes dropping, the chance to defer their part of mortgage payment up to two years. However, there are only a few lenders who have told that they would be a part of this scheme.
5. The Support for Mortgage Interest scheme, spanning across UK, allows people receiving benefits. Under the scheme, there are only those eligible homeowners who have lost their jobs, that their mortgage interest payment be cut from 39 weeks to 12 weeks, making the assistance viable and lasting for only up to 2 years.
Else, from that, you can directly talk to your mortgage lender and ask him to consider some options for you. This might help you. Apart from that, the aforesaid government and organization initiatives are always there, besides also the presence of mortgage advisers, to help you make your way out smoothly from this financial rut.
Now, you can't keep the situation sustained. For, if it sustains your lender will take you to court and you may then end up with no options else then losing your home. In most of the situation, if the debtor fails to repay the debt after considering the repayment holidays or extending the term or type of mortgage, then there is no option left else than repossessing the property of the debtor. In order to solve this situation, you need to consider on various options to make some way out of it.
Here are some tips and guidelines and initiatives that might help you to pay back the money you owe to your lender. These include:
1. One such initiative is where the non-profit housing associations shall buy your property and then even allow you to stay there. This scheme is popularly known as Mortgage Rescue Scheme in England and Wales and it is run by the local authorities there.
2. Similarly, in Scotland the scheme is known by the name of Mortgage to Rent Scheme and is run by the Scottish government as a part of its Homeowners' Support Fund. The same fund also includes the scheme of Mortgage to shared Equity Scheme, which enables Scottish government to own part of your home.
3. In Northern Ireland, there is a government initiative called Housing Advice NI.
4. The scheme of Homeowner Mortgage Support, makes it easy for the debtors who have seen a change in their incomes dropping, the chance to defer their part of mortgage payment up to two years. However, there are only a few lenders who have told that they would be a part of this scheme.
5. The Support for Mortgage Interest scheme, spanning across UK, allows people receiving benefits. Under the scheme, there are only those eligible homeowners who have lost their jobs, that their mortgage interest payment be cut from 39 weeks to 12 weeks, making the assistance viable and lasting for only up to 2 years.
Else, from that, you can directly talk to your mortgage lender and ask him to consider some options for you. This might help you. Apart from that, the aforesaid government and organization initiatives are always there, besides also the presence of mortgage advisers, to help you make your way out smoothly from this financial rut.
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