What to do when you can’t keep up

The situation: You were not able to keep up with your mortgage, debt has piled up and your account is in arrears. What do you do?

no-moneyIf you are having trouble keeping up with your mortgage, refinancing your loan may be the solution for you. Refinancing gives you the ability to either extend the home loan term, or get the best interest rates, whichever is right for you.

If your mortgage is caught up in arrears, it is not the end of the road. Although refinancing may be difficult, there are several things you can do to resolve this issue. You can contact your existing lender to restructure your loan. Most of the time, this will extend the loan term with interest.

You may also want to seek assistance from a certified financial planner. These people are well equipped and knowledgeable in assisting people with mortgage issues, and they might be able to hook you up with a specialist lender to help you pay off the loan. They will look into your credit file and see which one meets your current financial standing.