Mortgage and reduction of the work. How to be?

Mortgage loan - this is a serious and important decision, before the adoption of which is necessary to carefully consider all possible situations. And, despite the fact that mortgages usually take citizens with a stable income, and such situations occur when a citizen took a mortgage and lost their jobs and, consequently, the ability to pay monthly installments. What can we do to those who lost his job as a mortgage to pay and get out of a difficult situation?

Option ?1 - Sell an apartment

If you have a mortgage and lost their jobs - the first solution that comes to mind - to sell the collateral apartment and pay off the loan. However, this solution has its disadvantages - if you do not have another apartment - you'll be on the street without a roof over your head. In addition, the sale of apartments - a complicated process and not always fast, you risk to gain a much smaller amount than is required to repay the debt on the mortgage. Experts do not recommend using this method.


Variant ?2 - hidden problems

We took a mortgage and were laid off at work? You are looking for a new job, and in the meantime miss payments on your mortgage? Do not expect anything good of this decision, it will cause serious consequences up to the trial between you and the bank.

Option ?3 - contact the bank for debt restructuring

This solution is recommended by most experts. If you lost your job and can not pay the monthly fees - you must immediately report it to the bank, are not waiting for the moment when the payment is overdue. In the current economic situation, the bank can go to meet you and to restructure the debt in several ways:
Enlarge term of the loan, and the monthly fee is reduced
To release you from payment of "body" of the debt on the specified time
Thus, if you lost your job and do not know how to pay the mortgage - the most correct solution is to immediately report it to your bank and work out a joint decision on debt restructuring.
credit insurance

Another option is to prevent the situation from the insurance job losses at the mortgage. Such insurance provides that if the borrower loses at work due to the reduction, liquidation of the enterprise and other reasons, the insurance company will pay the mortgage for the borrower for the duration of the search for a new job.

Such insurance requires additional costs at the conclusion of the contract, but can save you from the loss of the apartment in case of job loss. For insurance must be registered with the Employment Center and every month to present an insurance company work record to confirm the absence of your work. When insuring the loan, you eliminate the risk to remain without an apartment and debts, and do not spoil a credit history in case of job loss.