To accurately assess the risk of renewal, many factors that need to be considered, including the following:
- Mortgage lender
- Payment history on the mortgage
- And, how much of the restructured debt is from the mortgage lender? Is it enough to cause issues?
If the mortgage lender is confident you will continue to make your payments, the renewal is not an issue. The restructuring plan puts you at less risk as you have additional cash flow making your mortgage payments more affordable. Alternatively, if you foreclose on the property, the lender risks losing money through this expensive process instead of continuing to make money through your mortgage payments. 4 Pillars will work with a mortgage specialist to assess and mitigate the risk when possible.