Experts are continuing to urge homeowners to seek mortgage advice before it is too late. Few consumers realize that once foreclosure proceedings start, they are almost impossible to stop. By getting mortgage advice before that happens, they can increase their chances of being able to keep their homes. However, it appears that few are taking the initiative to get mortgage advice, despite the fact that free advice is now widely available.
CML Director General, Michael Coogan, said: “The first step for anyone struggling to pay their mortgage is to contact their lender and get advice. There are a range of options your lender can consider to help reduce or reschedule your payments for a period of time while you get back on your feet.
“Lenders will treat you fairly and use repossession only as a last resort. If you take positive action to contact your lender, pay what you can, and show up to court and make your case, you are more likely to reach an agreement your lender that allows you to stay in your home. But you cannot just walk away and assume you are no longer responsible for the mortgage.”
Related reading: Mortgages Advice
Comment on this article