How To Get Your Mortgage Paid On Time

About Me
Managing Your Money

After I declared bankruptcy for the second time, I realized I needed to learn how to manage my money a lot better. I had always kind of done my own thing in regard to balancing my checkbook and things like that, but I could tell that it wasn't working for me. Instead of continuing to guess, I realized I needed to work with a financial professional to figure out where I was going wrong. It was hard for me to open up to someone, but the meetings that I had made a huge difference. I was able to learn how to manage my money, and seven years later my finances are in great shape. Check out this blog to learn how to manage your money.


How To Get Your Mortgage Paid On Time

21 December 2015
 Categories: Finance & Money, Blog

The goal is to have enough money to pay your bills and to pay them on time. However, it is very easy to fall on hard times. If your mortgage is due in the next few days and you do not have the money, then you have to explore your options. Read on to find out how to pay your mortgage on time.

Look Into A Payday Advance

A payday advance or loan is a short-term unsecured loan that is due on your next payday. This loan gives the lender access to your bank account. You also have to write a check for the full balance. The lender has the option of depositing the check on the due date.

Ask About Rollovers, Renewals and Interest-Only Payments

If you cannot pay back the loan by the due date, then you should tell your lender. Many lenders can make special arrangements to help you pay back the loan. These arrangements may include rollovers, renewals and interest-only payments.

A rollover is when the loan rolls over to another pay period. A renewal is very similar to rollover, because the loan renews to a new pay period. Interest-only payments mean only paying the interest on your loan. Some lenders are even willing to restructure the loan and allow you to pay installments.

If you need to borrow money in a hurry to pay your mortgage, then a cash advance is an option. Lenders will lend you the money as long as you meet the requirements. The requirements are very easy to meet, such as must have a bank account, must be 18 years or older, and have a job.

Ask For A Deferment

A mortgage deferral can help you stay up-to-date on your payments while you get your finances in order.  When you defer your mortgage payment, you are putting off the payment and paying it at a later time. To get one, you have to ask your lender for a deferment and explain that you are having financial difficulty.

Some lenders are willing to let you miss a payment or two to prevent foreclosure. To get approved for a deferment, you have to prove that your financial difficulties are temporary and have a solution to the problem. For example, if your hours were cut at work, but your hours are going back to normal, then you can catch back up on your mortgage payments. If your lender agrees to defer your mortgage, then you should get the agreement in writing.

It helps to establish a budget in your household. A budget will help you with making your payments on time. However, if you are unable to make payments on time, then you should tell your lender.