New scheme to help home owners struggling with mortgage debt
Published: 8 September 2009 By MoneyHighStreet Staff Leave a Comment
The Government has launched a national scheme to help home owners falling into debt with their mortgage payments.
By providing good advice and assistance, the scheme aims to help mortgage borrowers stay in their home if they encounter problems paying their mortgage.
It may be sensible to use this timely information in conjunction with other debt management advice services and web sites.
Based around a user friendly web site, the mortgage help scheme offers a step by step guide to how to handle the situation so that struggling borrower can keep his home.
Covering topics such as missed mortgage payments, the threat of repossession and court orders, the web site advises people to face up to their difficulties and contact their mortgage lender as soon as possible.
There are links to local authority resources that may be able to help those close to repossession or a court appearance and detailed information about the processes that may result in the loss of a home.
This information campaign has won the support of the Council for Mortgage lenders. Michael Coogan, the CML’s director general commented
“We welcome this additional initiative by the government to remind borrowers to speak to their lender at the earliest possible opportunity, and preferably as soon as they think they might miss a payment. Avoiding possession is as important to lenders as it is to borrowers, and an early warning will help reduce the risk of this worst-case outcome.
“Most customers who are committed to resolving their problems and working with their lender can successfully manage their way through a period of short-term payment difficulty and avoid possession.”