Since the mortgage loans are contracted in the long term, it is possible that at some point you may find yourself in difficulties to face the dividend, that is, the monthly installment. Here are some tips to find solutions to this problem.
A temporary obstacle
Mortgage contracts usually contain a clause that allows you to defer up to one installment per year, subject to certain requirements (basically that you have been up to date with your payments), so the first option is to resort to this mechanism. The common thing is that they charge a reasonable commission, but it is worth it. If you can not make use of this possibility, it is not so serious that you fall behind in a monthly payment, as this will not open the possibility of lawsuits or anything like that.
They will only charge you a default interest
However, if you had to fall behind on more than one dividend, then you might be in trouble. In that case, try to get a loan from family or friends, or even from a financial institution, because you cannot put your home at risk, which will surely be your main assets. On the other hand, try to reduce your expenses or defer other payments that do not pose as much danger if you do not meet them.
In the medium term
If the difficulties in paying the mortgage are not a consequence of a temporary event but rather something structural, such as your monthly income has decreased substantially, you have no choice but to try to renegotiate the terms of the loan with your bank. Not only in some cases they are willing to lower mortgage loan rates, but especially to increase the payment term, which will decrease the amount of the dividend.
The renegotiation could include, for example, a first few months of grace in which you would not pay interest, but instead would be deferred. Keep in mind that the least the bank is interested in is that its clients do not pay, so they are willing to make certain concessions. If the creditor financial institution is not open to it, look for offers with others.
Whether you have temporary or structural problems to pay your Mortgage Credit installments, there are always solutions; the important thing is that you assume the problem and do not avoid it, because in this case the result will be catastrophic.
Remember that in Compare you can buy a Mortgage Credit intelligently. Simulate the options and find the financing option that suits you. What are you waiting for? Save time and money!