When you apply for a home loan, maybe because you want to start a property rental business and you have seen the Sunway Damansara condo or the condo for sale Dutamas, you have probably first assessed your financial affordability knowing you will be dealing with it for a number of years. You have carefully checked if you can indeed keep up the possible monthly amortization and if you can still live comfortably despite that. 

But what you might not have anticipated are the unpredictable situations that will most likely occur during those years like an accident, unexpected expenses, and many others. Those are the reasons why you are facing hardship now as you find it impossible to keep up with the monthly obligation you need to pay. You are scared that your home might be foreclosed when you have already paid them for a number of years now. So, what will you do, what could possibly happen? What do you think will the lender do?

Below are some of the best suggestions that you can do when faced with this kind of problem:

• Once you realized that you can’t give the expected payment for that month, your best option would be is to call the lenders. Explain to him the reason why as you are not alone in this predicament. Situations like these are not really new to lenders. The important thing is you showed interest in facing the problem and in fact-finding solutions by calling them at once. With that in their minds, they might suggest better options for you so that you can still have your place in a more affordable way like mortgage modifications and many others.
• Another very important reminder is to act at once. Yes, this is indeed very important as the earlier you will act with your missed payment, the better options you have. When you will make the call for the lender, contact the Loss Mitigation department first. You can find their contact number in your monthly mortgage statement. Doing this during office hours will give you more chance of talking to a concerned party about your problem. 
• But before doing any action concerning your problem, it would be best if you first write down every possible reason why you are in such a predicament. Include in that documentation your plan in resolving your situation like your step-by-step plan. For better chances, be ready to present all proofs of the hardships you are experiencing like the expenses in that particular month, financial statements, just everything that will prove your inability to give payment. When the lenders will see that you are indeed very willing to resolve your situation with them, they will then be more lenient to you and might act accordingly depending on your financial documentation. Click here for more information.

Yes, starting a property rental business is indeed an excellent project. But then again, you have to be sure that you can really afford it as the end result might be the opposite of what you expect.