Mortgage arrears

[Jannylou]

We are paying our mortgage but due to our financial situation at the moment we are always a few days late and we cant pull it back at the moment. Our mortgage company says they cant give us a payment break or add a paymnet on to the end of the mortgage. What can we do?

 

[ClubMan]

Do you mean that there would be no problem if you could reschedule the payment date by a few days? Or do you mean that you already have arrears and are on some sort of arrangement for dealing with these and ongoing normaly repayments? If it's just a case of rescheduling when the repayments are collected then it seems odd that the lender would have a problem with this. Perhaps you could manage one month of prepayment so that then you could pay on the delayed schedule without problems? Make sure to document the fact that you apprised the lender of your difficulties and ideally get their responses in writing. Just in case it ever gets to something like court in which case showing that you did your best to deal with matters can count in your favour. Have you considered asking MABS to advise/intervene?

 

[Watcher]

yes. you need to document the fact that you requested the earlier payment. Not sure of your situation, but have you considered telling your institution that you are considering changing your lender to facilitate your preferred payment schedule?