Short-term mortgage payment deferral – If you are dealing with a temporary setback, then deferring your mortgage for a set amount of time could be a good option. At this point, you have a few options for catching up: Those 15 days are a grace period, so if you pay your mortgage before the days have elapsed, you will typically not be charged any fees or penalties. Regardless of why you can’t make your mortgage payment, once 15 days have passed, you will be charged a late fee. Whatever the reason for falling behind, if you can figure out the underlying cause, you can start working on correcting it. Or your mortgage is an acceptable portion of your household bills, but you have an excessive amount of other debt like vehicle loans or credit card debt. If you pay an excessive portion of your income, making you house poor, then you might be in constant danger of not being able to make your mortgage payments. In other cases, long-term financial issues make it difficult to make mortgage payments. Or sometimes, an emergency expense causes a budgetary shortage, forcing you to pick and choose what gets paid in a given month. Falling behind on mortgage payments could occur due to loss of income, as many Canadians experienced during the Covid-19 pandemic. In some cases, short-term financial issues make it difficult to make mortgage payments. Once you figure out why you can’t pay your mortgage, then you can take steps to remedy the situation. Rather, there is an underlying reason that you can’t afford to make your mortgage payments. In most cases, people do not fall behind on mortgage payments on purpose. What Happens If I Can’t Pay My Mortgage Determine the Reason You Can’t Pay Here’s what you should do if you can’t pay your mortgage. Luckily there are options that can give you time to turn your finances around. This can have a huge negative impact on your credit score and can put your home in danger of being repossessed if you don’t take immediate action. While you might have felt perfectly capable of making mortgage payments when you bought your house, sometimes financial situations arise that affect your ability to make regular mortgage payments.
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