Mortgage moratorium

M

mscomet65

Guest
I am recently unemployed and wish to approach my mortgage company for a 3 to 6 month moratorium and need some advice.
Background: I needed to move from my apartment complex. Since I cannot sell the property in the current climate, I decided to rent my place out and rent a more suitable home for myself. On paper, I have an income on my apartment but that income is used to pay my own rent – net/net.
Should I share this rental set up with my mortgage company? How should I approach them for a break on repayment? I expect to find work after the holiday season but need a break until then
 
All rental income will show on my year end tax return.
 
Draw up a budget planner and drop into your local branch with it and ask them to look for a break for you.
 
I did not need to draw up a budget plan when I applied for my Moratorium. I took my letter from work & my doctor into my bank and it was as simple as signing a piece of paper stating I want a 6 month break beginning the first of the following month.

Good luck with it, I hope you find work soon.
 

You probably should already have shared this information with your lender. Unless they lent you the money for the purposes of buying an investment property, you might be in breach of your mortgage agreement, as these usually require you to be the occupier.
 
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