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Depressed woman reading bank refuse papers about delay of payment

Dealing with Mortgage Payment Difficulties

Unexpected financial circumstances may affect your ability to pay your regular mortgage responsibilities. When that happens, it is important that you take prompt action. With the right plan and work with your mortgage professional to resolve these difficulties.


Whatever the reason may be – it could be reduced income, job loss, or other things, this is probably an overwhelming experience that can make you feel unsure about the things that you should do. If you want to go through this difficult time, just follow these three simple steps and you will be just fine:


  1. Discuss it with your mortgage professional immediately. This will increase your chance of managing your financial situation. An early intervention can save you from much deeper trouble. You can inquire about your options for managing your finances. Do not forget to keep your mortgage professional posted as the circumstances progress.


  1. Make sure that the financial picture is clear. To ensure that your mortgage professional completely understands your current financial situation, it will be helpful to prepare a detailed report of your financial obligations. These may include other loans, household bills with the exact amounts and when they are due, credit card statements, and more. Do not forget to include your current income, investments, savings, and other assets you may have.


  1. Educate yourself and stay informed. The more you know about managing your finances, the easier it will be for you to make the correct decisions. Make use of online tools from the government that are created to help borrowers in a similar situation better understand debts, as well as learn about budget counselling, credit repair, and more.


Your mortgage professional can help!


Instead of avoiding your mortgage professional like some people do in despair, you should seek for their assistance instead. After all, he or she would want to keep a positive relationship with you for a long time. A mortgage professional is also highly-trained and familiar with tools that can help you handle your current financial setbacks.


Your mortgage professional may also be able to offer workable payment flexibilities, more so it you have made lump sum pre-payments before or if you have selected an accelerated payment schedule.

Another option is to extend your amortization period to get lower monthly payments. You could ask if you can have the arrears to your mortgage balance spread over the repayment period. Find out if there is a special payment arrangement tailored to your financial situation.


It is undeniable that going through financial difficulties when you have mortgage responsibilities is challenging and may be both emotionally and mentally draining. It is important that you keep a strong mind and make wise decisions with the help of your trusted mortgage professional.



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