Scots Law – I have a secured loan on my house and just cannot pay it for unforeseen calamities not just the ?
Repossession
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December 28th, 2009 at 10:45 am
get in touch and explain to your loan provider.some companys will allow you a 2or 3 month”payment holiday”(you pay 3 months longer)
hope this helps
December 30th, 2009 at 12:21 pm
An awful lot depends on the lender. some will come to an arrangement,, others are brutally hard, If repossessed the house Will be sold but with the current recession might fetch less than the amount owed. So they will chase you for he difference, Or as it is difficult to sell and the lenders having to wait for their money, they might accept income from you so as to keep cash flow going. and you can remain as long as you maintain the agreed amount… But it is all really down to what the lender will do ….
December 31st, 2009 at 6:48 am
Try Modifing call American Modification Agency!!
516-506-4703
January 1st, 2010 at 7:54 pm
As others have said, talk to your lender (and your mortgage company if they’re not the same) straight away, and offer to pay what you can afford – repeat your offer in writing if they don’t agree to it right away (send recorded, so you have proof they have received it). Then if you are in the UK, go to the CAB (Citizen Advice Bureau), they will give you free advice. Most banks will want to come to an arrangement as they would have trouble selling your house right now, so talk to them (they will try to bully you into larger payments than you can afford, so document your in and out-goings carefully and only agree to pay what you can, not what they want).
Then you need to see if there’s any way you can make money (things you don’t need can be sold on ebay, if you have any spare time, take a second / third job for a while, even if it’s just stacking shelves or babysitting) and any way you can save (switch energy provider, claim any benefit or help you are entitled to (again CAB can help), buy bulk food and freeze it…) so you can climb back out of your troubles.
Good luck.