Deferring mortgage repayments could be “a lesser evil” than having to sell property in the current market if you can hold off.
One of the options you have if you are struggling to pay a mortgage at the current time due to financial distress is to call the bank and see how they can help.
He acknowledged that many homeowners and property investors are struggling right now with job and income cuts, which can lead to emotional decision making and quick sell-offs.
The best thing to do is do this before you start to fall into arrears. Its better to get on the front foot, because if you are in arrears – missing a repayment or two – it’s just something that the banks don’t want to encourage and they don’t want to endorse.
It’s all about being proactive, don’t dig your head in the sand, and get on top of this.
Remember that there’s no shame in deferring repayments.
We acknowledge that others would argue that you’ll end up having to pay more interest over the life of the loan.
But how many people actually serve out a 30-year loan term?
You’ll generally pay it off faster than that as well.
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