Follow These Smart Steps If You Can’t Pay Your Mortgage

Introduction

Struggling to pay your mortgage can be a stressful situation, but there are steps you can take to address the issue and potentially avoid foreclosure. It’s important to act quickly and seek professional advice to understand your options and rights.

Steps to Take When You Can’t Pay Your Mortgage

1. Contact Your Lender

One of the first things you should do is contact your lender to discuss your financial difficulties. They may be able to offer temporary solutions such as a repayment plan or loan modification.

2. Seek Financial Counseling

Consider seeking advice from a financial counselor who can help you create a budget and explore debt management options.

3. Explore Government Assistance Programs

There are government assistance programs available to help homeowners facing financial hardship. These programs may provide support in making mortgage payments or refinancing options.

Legal Options

1. Mortgage Hardship Variation

Under Australian law, you may be eligible for a mortgage hardship variation that allows for temporary changes to your mortgage contract to assist with financial difficulties.

2. Legal Advice and Representation

Seeking legal advice from a qualified lawyer can help you understand your rights and options when facing mortgage payment issues. A lawyer can represent you in negotiations with your lender or in legal proceedings if necessary.

Frequently Asked Questions

Q: What are the consequences of not paying my mortgage?

A: Failure to pay your mortgage can lead to foreclosure, where your property may be repossessed by the lender.

Q: Can I negotiate with my lender to lower my mortgage payments?

A: Yes, you can negotiate with your lender to explore options such as loan modification or repayment plans.

Q: How can Wright Street Lawyers help me with my mortgage issues?

A: Wright Street Lawyers in Adelaide, South Australia, specialise in providing legal assistance in matters related to property and finance, including mortgage payment issues. Contact us for client-focused advice and representation tailored to your specific situation.

Conclusion

When you are unable to pay your mortgage, it’s crucial to take proactive steps to address the situation and protect your rights as a homeowner. Seeking professional legal advice and exploring available options can help you navigate through financial difficulties and find a solution that works for you.