Mortgage Difficulties
At Joseph Nolan Solicitors we are experienced in the area of mortgage areas. No two cases are the same but here are some general tips for clients to avoid falling into mortgage arrears:
- Communicate with your lender: If you are experiencing financial difficulties, it’s important to contact your lender as soon as possible to discuss your situation and explore options for modifying your loan terms.
- Review your budget: Take a close look at your income and expenses to identify areas where you can reduce spending and free up funds to apply towards your mortgage payments.
- Seek professional advice: If you are experiencing significant financial difficulties, consider seeking the advice of a financial advisor or debt counselor (MABS) to help you create a budget and explore other options for managing your debts.
- Prioritise your mortgage: Even if you are struggling to make ends meet, it’s important to prioritise your mortgage payments to avoid falling into arrears or further arrears and potentially losing your home.
- Keep yourself informed of the mortgage options: The government in Ireland has schemes and programs to support the people during this situation, keep yourself updated and contact the right authority if you are eligible for those options.
- Be aware of the negative effects of mortgage arrears : Late payments, legal proceedings, repossession and a potential impact on your credit rating.
It is important to remember that the earlier you take action to address any financial difficulties, the more options will likely be available to you to avoid falling into arrears on your mortgage.
If you require further advice, please do not hesitate to contact our office.