In the current financial landscape, and with a possible further recession on the horizon, the idea of economic culpability has shifted somewhat. Once upon a time, wrongly so, when people sank into arrears or failed to pay their debts there was a stigma attached. The reason why there was such a stigma was because in a very real sense people had control over their financial destiny.
Today, however, things have changed. These days, if you begin to struggle with your finances it is not necessarily your fault at all. We are all more and more under the duress of tempestuous financial and housing markets. It used to be very easy to get a mortgage, based on your ability to pay it back, but nowadays banks are aware that there are too many unpredictable factors to make carefree mortgage lending make sense.
So, if your mortgage goes into arrears don’t feel that it is an indictment of your personal financial situation, or a flouting of your responsibility. Instead, try to separate the reality from the emotional effect, and take sensible measured steps to save your home.
We have fundamental emotional attachments to properties, as they are the setting for many of our best memories, so creating emotional distance can be difficult. However, it is essential if you are to save your home. So, what can you do?
You might consider a quick house sale. What is a quick house sale? This is where you sell your home to a specialist company, and you then pay rent on the property with the hope of buying back your home in the future. This approach isn’t for everyone, however it is a viable way to save your home, and avoid repossessions.
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