Mortgage in trouble. How to solve the problem?
If, due to delays in mortgage payments your bank has transferred your debt to a debt collection company - do not panic! It is becoming a common practice nowadays, and it can prove to be just the right solution to your problem.
Taking a mortgage loan for buying a flat or a house is one of the more stressful moments in our lives. Such an obligation usually applies to very significant sums and extends over a long time. It's not only the large sum that you have to pay back that keeps you awake at night. You also fear trouble that may emerge if your financial situation does not allow for the payment of monthly installments. This can happen after losing job or due to prolonged sickness. If the debt is already there, and the bank has decided to transfer it to a debt collecting company, then - no matter how bad it sounds - it can prove to be a good news!
Below you will find several good tips to help you settle even a large debt.
1. Do not bury your head in the sand!
Avoiding contact with a company that has taken over your mortgage cannot possibly be any good. You should rather open the letters, answer the calls or arrange a meeting with a consultant. After all, finding a simple solution to help you settle your debt lies is everyone's interest. Avoiding contact or refusing payment will bring the case before the court, and then straight into the debt collector's hands. This is the worst possible scenario for a debt collecting company, since it generates additional costs and is not qualified as an amicable settlement.
2. Co-operation is the key to success
Companies managing debt, such as KRUK, first and foremost are interested in amicable resolution to the debtor's problem, and aim at developing a solution that is beneficial for both parties. The companies are open to dialog and value personalized approach. What does this mean in practice? After thoroughly discussing your debt history and analyzing the financial standing, the most beneficial solution will be prepared in consultation with you. This gives you certainty that the repayment of your mortgage is covered with a good plan, and is actually practicable. The solutions that the debt processing company offers you can be different. Each case is analyzed individually. In special cases, the creditor may agree to an out-of-court agreement, or split the debt into convenient installments, allowing you to save your flat and repay the debt gradually. The debt processing company can also offer you to take over the flat and rent it to you formally, or give numerous other offers. That's why it is important that you learn your situation as quickly as possible.
3. New beginning
There are situations where it is best to just start anew. Selling your real estate can often be the best solution in such case. It must be remembered, however, that finding a buyer and bringing the whole case to an end can be very time-consuming. Time is of essence when it comes to debt settlement, though. Your creditor may often offer his help in selling the property at a bargain price. This allows you to start a new chapter in your life - without debt. If your loan was raised in Francs, then the situation is even more complicated, which means you should contact your new creditor promptly. 4. Consistently to the finish Remember that there are no hopeless situations. The important thing is to set a good, doable plan and to implement it consistently and faithfully. Never give up. There is always a solution - even to the most difficult problems. Many people have already made it, also with the help of companies such as KRUK and their conciliatory approach.
