Less than a year into your mortgage, but you're out of money? 5 solutions you should know if you don't want to lose your home.

Less than a year into your mortgage and out of money? What should you do?

Many people are overjoyed when they "get a house," but then become severely stressed just a few months later...
because their "salary is barely enough to pay the mortgage," expenses are higher than expected, and interest rates are still high!

If you're in this situation,
don't give up and don't immediately think about selling your house.
Because there are "solutions" that can help you keep your home.
Proview Living will guide you through every possible way out before it's too late.

Common Causes: Why is it already difficult less than a year into the mortgage?

1. Not knowing how to calculate DTI (Debt to Income)
   Many people tend to "borrow the maximum" or borrow beyond their means, not realizing that bank approval ≠ affordability.

2. Hidden expenses after buying a house
   Such as repair costs, common area fees, furniture costs, as well as existing debt burdens that still need to be paid concurrently.

3. Sudden decrease in income
   Job loss, income reduction, business problems = income is not the same, but the burden is.

4. Choosing the wrong type of house
   Some people choose a house based on emotion rather than a thorough financial plan.

What to do if you can't afford your mortgage in the first year?

1. Negotiate with the bank immediately!

Don't wait until you're overdue on payments. Contact the lending bank urgently to explore options such as:

• Payment holiday for some installments (interest/principal only)

• Request debt restructuring, such as extending the repayment period or reducing monthly payments.

• Refinance immediately after the first year (if the contract allows).

2. Plan your household and living expenses.

• Cut unnecessary expenses, such as subscriptions, or excessive credit card spending.

• Try to find additional income (selling online, freelance work, etc.).

• Don't forget to examine your financial behavior to see if you are "overspending."

3. Find a roommate / rent out a room.

If your house has spare space, or if it's a two-story townhouse, renting out a floor can help with mortgage payments.
You'll receive immediate monthly income to alleviate the burden.

4. Check government benefits or relief campaigns.

At certain times, government banks may have measures to help homeowners, such as:

• Low interest rates

• Principal payment holidays

• Fee-free refinancing
  Stay updated through GH Bank, Government Savings Bank, or related agencies.

5. Never avoid paying your mortgage.

Even missing just 1-2 installments will be recorded in your credit bureau report and will make it much harder for you to get additional loans in the future.
If you can still manage, pay what you can. It's better to contact the bank for professional negotiation than to run from the problem.

If you "have to sell your house," when should you do it?

• If you assess that you "really can't afford it," selling your house before it's repossessed is still "painful but final."

• You should put it up for sale as soon as you realize you can't afford the payments (don't wait for the bank to auction it off themselves).

• Contact a real estate agent or the Proview Living team to help find a buyer as quickly as possible.

Summary: The first year is a "crucial test" for homeowners.

A house is a dream, but a mortgage is a burden.
Don't let the first year become the last year of hope!
Stay calm – plan – dare to adjust your financial habits.
Because there's still a way to save your home if you deal with it quickly enough.

If you're struggling with mortgage payments and don't know where to start,
Proview Living is happy to provide advice and recommend "workable" solutions.
LINE OA: @proviewliving | Tel: 095-659-2656

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