Anonymous
Favorite Answer
Depends entirely on your situation and what steps you have already taken...
To ease the payments you could
1. You could miss a payment (if your mortgage allows).
2. You could move the payment to the very last day of the month (they usually don't specify a day of the month, just monthly).
3. You could switch to interest only repayments as opposed to repayment (which means you will not be repaying the debt, but as house prices rise and inflation kicks in your principle debt will stay the same but drop in comparison to the house price).
4. You could rent the property out and stay somewhere that costs less than your current mortgage to live in.
5. You could switch to a variable interest rate, or switch to a fixed rate (which will cost more at the moment but will lock it so you know what your costs will be for a fixed period of time).
To finish earlier you could pay more into it, therefore paying less in interest over the years.
There are SO many aspects to this that you need to give A LOT more info to get a proper answer. How much you owe, how much you can afford, what you paying at the moment, are you repaying the principle, do you need a short break from it or something longer term, what's your interest rate, is the interest rate fixed...
nassim_smith
Failing to make mortgage payments can have undesirable consequences. You do not want to lose your property at any cost. But you can avoid this situation by making small changes to your lifestyle. Draw a budget and set aside the amount required for mortgage payment. On the other hand, if you are not able to afford your mortgage payments, it may be a good idea to call your lender and work out an alternative. If you have tried all this and it doesn’t work, call a debt management company such as debtburst, payplan or moneymanagement. They can help you with a good debt management plan.
Anonymous
Refinance, rates have never been lower.
?
cut expenses and find another job.,