Experience shows us that Home Repossession is very stressful.
To watch the bank and a real estate agent sell your home below fair market value is also emotionally demoralizing.
So what are your options to Avoid Home Repossession?
1) Adjust Your Budget.
You must take all measures necessary to adjust your monthly budget, so that you are able to keep up with the repayments, but as life happens, sometimes you may find yourself deep in an unexpected financial stress, and face pressures and situations you have never seen before.
2) Expect a phone call from the Bank.
Failure to make regular mortgage repayments may be due to a number of reasons like loss of employment, serious illness, medical emergencies, accidents, or any other changes in life. It is usual for a Bank to contact you immediately asking you how you intend to resolve the arrears whenever you miss a payment.
3) Come to an agreement if possible.
If you fall behind even further in your repayments and fail to come to an agreement with your lender they have the option of proceeding with the legalities of home repossession as you have failed to comply with a contractual obligation.
4) Don’t wait until the last minute.
If your Bank starts making moves to proceed with the repossession… do not worry. Even at this stage we may be able to turn thigns around, but the longer you leave it – the harder it becomes.
The process of proceeding with a home repossession involves a number of steps that take weeks or even months. You have a number of options to stop it at any time, but the earlier you take action, the more options will be available to you.
Do not hesitate to ask your friends or family members to help you clear your arrears, because your pride will be of no use when your house is being repossessed by the bank.
You can also apply to your bank for financial hardship to get some relief.
Tighten your budget, and avoid all unnecessary spending so that you have enough to sustain your livelihood while making the repayment.
If nothing is working for you, do not wait for the bank to repossess your house…As Australia’s trusted foreclosure and repossession advocate, we can help you but you must act fast we may be able to help you and save your home from repossession.
Call Property Solutions For Australia Now on (02) 8006 0420 to book in a no-obligation consultation today!
Alternatively you can CLICK HERE and get instant access to a FREE report on the “7 actions you can take immediately when you can’t pay your mortgage!”