When you have an issue with your finances, you may have to go through a mortgage audit. A mortgage audit is when an outside accountant or finance expert will look at how able you are to pay for your mortgage. If you fall behind on your payments, or if you lose a job, then you may face a mortgage audit.
If you can, make at least a small payment toward your mortgage every month. This will help keep you out of collections. However, if you face a mortgage audit and do not have a way to keep making payments, you should seek the advice of a banker or other mortgage expert who can help you sort out the payments you make on the property. This will spare you the hassle and discomfort of losing the property.
A mortgage audit is pretty simple in most cases. The mortgage will be reviewed by a person who has to decide if you are a low risk or a high risk to stop making payments. For example, say that you lose your job and fall three months behind on your mortgage payment. Once the bank sees that you have not been paying your monthly amount, they have to take action. They will likely work with you to set up a plan that will save you from eviction, but only if you prove that you are able to start making your payments again, and soon.
This is why you will want help for any mortgage audit that you face. A mortgage audit may not make much sense if you are not very good with money and financial terms. Rather than make a mistake that you do not even understand, be sure to get help from someone who can help you get back on track. If you do know the basics of a mortgage but are still unsure of whether or not you can afford it after a big change, then be sure to ask about your options before the audit.
Remember that an audit is not always a bad thing. You are not going to be evicted just because of an audit. It is vital that you do not panic, but rather remain calm and seek advice to make sure you come out of the audit with a place to live. This is why mortgage experts are on your side, so reach out to them rather than lose your cool.