We are in tough times when majority of people are struggling to make ends meet.
One of the challenges is to pay mortgage since we all need shelter over our heads. Do not despair. There are alternatives you can try to overcome your problem either as a temporary measure or as a permanent solution.
The alternatives are as follows:
1. The first thing you should do is to approach your lender and discuss alternatives which could include changing payment arrangements, postponing your repayment for a period and refinancing. Meanwhile continue to pay what you can.
2. Bring a tenant and you cannot imagine how this rental could help you out. I did it one time and it helped me a lot.
3. If you have mortgage insurance cover, you can use some of it.
4. If you cannot pay the mortgage because of unemployment, accident or sickness, you can apply for funds from your Payment Protection Insurance if you have one.
5. Use a budget planner to get a real picture of your income and expenditure. Hence take action to cut on your costs.
6. Speak to a free debt counselor or a Financial Advisor
7. Selling a house will be the last resort.