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New 'arrangement for mortgage' won't back date

  • 02-06-2011 7:07pm
    #1
    qwert2
    Registered Users, Registered Users 2 Posts: 373 ✭✭


    Hi, I am in financial difficulties, so I met with my mortgage lender to arrange a new rate of payment. It looks like this new arrangement will be in place for my July payment. However this leaves me in arrears for May and June, as I've not paid the mortgage for these months. Unfortunately the 'new arrangement' won't back date to those months. I was told by the advisor in the bank to contact the 'collections' department of the mortgage provider to see if I can come to an arrangement, such as extend the term of my mortgage etc. However when I contacted collections they told me it's best to find a way to pay for May and June as there's nothing they can do.
    The bottom line is I've no funds to pay for these months. Has anyone been in a similar situation?

    Anyone wish to advise something?


Comments

  • #2
    theloanarranger
    Closed Accounts Posts: 8 ✭theloanarranger


    I negotiate with mortgage lenders on behalf of clients who have arrears and/or can't afford to make their full mortgage payments. For people who can't afford to pay my fees, I suggest you study the January 2011 CCMA on the Central Bank website and the MARP information in particular. Preparing the detailed Standard Financial Statement is very important but requires experience of knowing what kind of figures are acceptable in each category, depending on family size and other factors.
    MABS also has a very helpful free self-help book on its website.

    I hope my response is of some help to you. With 20 years of experience I don't think you could expect any more for free.

    The Loan Arranger


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