What shall I do following a disaster where my house is mortgaged or subject to any other financial agreement?

You should contact your lender immediately to ask for ‘hardship assistance’.  This is most commonly provided in the form of reduced or postponed repayments, usually for 3 to 6 months at a time.

 

When catastrophes happen, some lenders may offer even more generous assistance and you should explore that avenue as well.

If you do not do anything, not paying your loan/s pending the outcome of an insurance claim will result in additional interest and enforcement fees being added to your loan and may result in legal action.

Tags: financial

Related entries:

Gan Direct

Copyright © 2012 Gan Direct, All Rights Reserved ®