Mortgage Payment Problems

Your home is at risk if you don't keep up repayments on a mortgage; if you overextend yourself financially and take on a larger mortgage than you can afford to pay, you run the risk of losing your home.

If you start to have problems with making your mortgage payments, you should discuss it with your lender immediately. They may be able to help by reducing your payments, or by offering a payment vacation if your financial problems are only temporary. If you stop paying your mortgage without notifying your lender, or if you fall too far behind with your payments, steps will eventually be taken to foreclose on your home. This means that is will be sold at auction, and if the amount recovered is less than that owed to your lender, you can be sued for the balance.

If you are in trouble, take advice as soon as possible - you will only make the problem worse by ignoring it. The Debt Guide offers a wealth of information, helpful tips and advice on managing debt.