struggling to pay our mortgage

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karen_w

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Post by karen_w » Sat Dec 30, 2006 11:33 pm
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we are struggling to pay our mortgage and secured loan what are
our options?
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Storm

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Post by Storm » Sun Dec 31, 2006 10:10 am
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If this is a short term problem you can ask both lenders to consider reduced payments or depending on the terms look to extend the loans over longer periods.

The other alternative is to sell the property and repay both loans. Check the terms of your mortgage as this may have redemption penalties however most secured lenders charge 1 months interest when you settle.
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neverending

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Post by neverending » Sun Dec 31, 2006 5:00 pm
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Hi
You could roll all your secured lending into a new remortgage and get a better rate and longer term.This could reduce your monthly payments dramatically.The downside is that you are extending the term of your mortgage and there will be charges involved in taking a new mortgage[and possibly in redeeming your present mortgage and loans] but these can normally be included in the new loan.
If you are not already behind in payments then act now while your payment history is good because if you leave it too late and you are in arreaers then it will be hard to find a good rate.
Finally go through a broker but do not pay money upfront apart from the usual valuation fees.
Good Luck.
Andy Davie
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Oliver

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Post by Oliver » Tue Jan 02, 2007 11:51 am
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Are you struggling to pay your secured loan commitments because you are trying to maintain unsecured debt as well?!!!


Best Regards
Oliver

Thomas Charles Ltd: Experts in all things IVA
www.thomascharles.com
Best Regards
Oliver
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