Priroty Debts - Mortgage Tips

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Priroty Debts - Mortgage Tips
(presented by www.refinance-refinance.net - mortgage lenders)

By Chris�Frostt

www.RemoveDebt.org

Priority debts

Mortgage or rent arrears

If you are in arrears with your mortgage or rent, you should contact your lender or your landlord immediately. Explain why you are in arrears and how you are going to repay them. If your circumstances have changed, check whether you are entitled to help.

If you have a mortgage, you may be able to negotiate reduced payments for a period of time or have the arrears added to the amount you borrowed (capitalised), but you will need to consider your options very carefully if your situation is unlikely to improve.

You need to be able to pay the current instalment as well as payment off the arrears and will need to be able to clear the arrears within the remaining period of the mortgage.

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Check your mortgage agreement to see if there are penalty charges for falling into arrears and ask your lender if they will waive these charges at least for the first few months. If you have mortgage protection insurance, be sure to claim. You should contact your local CAB if you require further information.

If your total income is below a certain level and you pay rent, you may be entitled to housing benefit to help you pay your current rent and should contact your local council for a claim form. You should make your landlord an offer to pay off your arrears and should immediately get advice about your tenancy and how secure you are.

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This entry was posted on Tuesday, May 2nd, 2006 at 5:55 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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