What to do if there is nothing to pay a mortgage

Hello, the team of the site "Rich Pro"! I have a question for you: what to do if there is nothing to pay a mortgage for an apartment?

Our family has been paying a mortgage since 2008. Already more than 8 years. And we still have 7 years left, and we are running out of money on mortgage payments. Revenues have fallen sharply lately. Are there any solutions to this problem?

Ivan, 33 years old, Ekaterinburg

For many people, the only option for acquiring their property is a mortgage. However, in life there are different situations in which paying a mortgage becomes difficult.

Typically, such problems occur to a greater extent due to the fact that people can not correctly calculate their strength. As a result, problems of this type appear.

Do not rely on the case - use one of the following methods.

What to do if there is nothing to pay the mortgage - 9 ways to get out

Method 1. Contact the bank’s specialists - the very first, and as for us, the right option

Of course, in such a situation it is difficult to remain calm, but still it is necessary to inform the bank about the problem that has arisen so that unnecessary late payments do not occur. After all, if you have more 3 of debts, the bank has the right to demand that you pay off all the loan ahead of schedule.

Therefore, do not delay this, banks usually make concessions and offer to extend the payment period, which will reduce monthly payments.

Method 2. Resort to a special assistance program with state support

In Russia, there is assistance to borrowers who are in a difficult situation. Trustees, parents, guardians with disabilities have the right to apply for such support.

Method 3. Provide evidence of insolvency

If you have a record of dismissal in the work book, a doctor’s opinion or other expenses of the borrower, then it is worth bringing this as an argument. In this case, you will have a better chance that the bank will go on concessions.

Method 4. Agree on debt restructuring

In the event that you have a good credit history without any debts, then the payment amount can also be reduced. After that, you will have time to solve your problems.

We recommend Also read our article on mortgage refinancing.

Method 5. Get a Credit Vacation

At the bank you should explain why you are not able to repay the loan according to this schedule. Such a vacation, usually the bank can provide from 1 before 12 months. In this case, it is only necessary to pay interest on the loan. But do not rejoice, because this is not a solution to the problem, but its delay.

Method 6. Use insurance

Sometimes when applying for a mortgage, banks offer to take out insurance against loss of work (income). But at the same time, you need to deposit funds every month. If you have such an opportunity, then use it now.

Method 7. Seek help from relatives

Nobody wants to become a debtor with relatives, but sometimes there is no other choice. Just specify the return date and not abuse their trust;

Method 8. Rent an apartment

If you have more housing, then you can rent it out, which will bring additional income;

Method 9. Sell a mortgage apartment

Of course, this is not the best option. However, if the financial condition has not improved, and you have to start paying again, then the sale of the apartment is still worth considering.

It will be quite problematic to sell housing at market value, since it is necessary to discuss this point with the bank, however, you will have money to close the loan and still have funds for living.

P.S. You can also take advantage of the bankruptcy law of an individual. Read about how the bankruptcy procedure of individuals goes, read in detail in one of our articles.

The Rich Pro team hopes to be able to answer your question. If you still have any questions, ask them in the comments below.See you on the pages of our magazine!