In order to proper assess the risk of renewal there are many factors that need to be considered. Some major factors that can affect renewal are the following:
- Mortgage lender
- Payment history on the mortgage
- If restructuring is being considered, how much of the restructured debt is from the mortgage lender? Is it enough that it could cause issues?
Usually if the mortgage lender is confident you will continue to make the mortgage payments, the renewal is not an issue. The restructuring plan actually puts the mortgage holder at less risk as you have now freed up additional cash flow making your mortgage payments more affordable. The alternative for the mortgage holder is to foreclose on the property and risk losing money through this expensive process instead of continuing to make money from you through your mortgage payments. 4 Pillars will work with a mortgage specialist to assess and mitigate the risk when possible.
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