Lender chases missed Mortgage payments
At the first stage, the lender will contact their customer in writing or by telephone to query and chase up missed Mortgage payments.
What can be done?At this point, borrowers are advised to talk to their lender and inform them of their situation. Some lenders may agree to let their customers make additional monthly payments to pay off the arrears over a set period. Borrowers should also make notes about any conversations they have, including the date and time of the conversation, the name of the person they spoke to and the outcome of the discussion, and ask for details of any agreements reached to be sent in writing.
Not all lenders are as helpful as they should be and many of our clients have struggled to secure an arrangement that really is affordable and sustainable. Whatever you do it is important not to over commit yourself to a plan that you cannot maintain as this will go against you in the future.
Have You Missed Mortgage Payments?
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