When one acquires a housing loan, he does so thinking about the current stability of his income, trusting that they will remain that way for a certain time, since the commitment assumed is not lasting one year, but extends to more than one decade.
However, it is inevitable that during the years you have to pay the credit, certain expenses or emergencies arise that could somehow destabilize your finances, such as unexpected accidents, illnesses, etc. Some people have an emergency fund that allows them to assume those expenses without jeopardizing their budget, but the vast majority tend to take them off guard and with no way to assume it, so they must consider what to do now that they are no longer in conditions of paying your mortgage.
Here are three options you can use to address this situation:
1. Rethink your finances
Start by preparing a budget to see how your income is distributed. If you already have one, analyze it and review what you are spending your fortnight. The objective of this is to identify those areas in which you can make cuts, in order to use the excess money to pay the credit fee.
2. Request a refinance
If, despite performing step one, the money is not enough to cover the entire payment, the next thing you can do is talk to your financial institution and discuss what is happening with an advisor. The bank is one of the most interested in paying you, so the idea is to find some payment strategy, either reducing the fee, increasing the term, etc., so you can continue with your financial commitments.
3. Sell your mortgage portfolio
If the alternatives offered by the bank do not seem attractive, you can always choose to seek to sell your mortgage portfolio. It is advisable to do this before starting to fall behind, since it is more difficult to obtain a good offer if it is a customer who has stopped paying for several months. Remember that banks will have different ways of attracting you, so be sure to select correctly. You can choose to compare all portfolio purchase options, to check which one suits you best.
For that you have at your disposal different web tools, such as the comparator of Mrs. Jellyby.com.cl. Drifting and leaving debts unpaid is not an option. Remember, the alternatives are several and all will help you maintain a financial balance despite the improvisations.