You don't have to lose your home to
a mortgagee sale
I know it’s a stressful time when something like this happens, but in many instances I can find a solution to help you keep your home.
A family who were about to be thrown out of their home asked for assistance. I was able to able to restructure their financial affairs and save their home by dealing directly with the lender concerned. Most people feel uncomfortable talking about their problems let alone trying to fix them, that’s where I come in.
The lender must, however, fulfil certain strict legal requirements including serving you with the Property Law Act notice correctly and giving you time to remedy the notice. If these requirements are not met, the homeowner may be able to stop the lenders attempt to sell the property. Once you have this notice (PLA) you need to contact me fast!
How I help
I work directly with you and provide support to:
• Find alternative options to selling or losing the home
• I will deal with the bank or lender which takes away the hassle of negotiating
• Provide security, comfort and piece of mind
• Always attempt to retain the existing first tier / prime mortgage
• Assist with family budgeting systems
• Help rebuild a clean credit history
• Ensure long term financial success
What I do
Mortgage lenders are not in the business of “Saving Families Homes”, they are in the business of lending money. They are processing factories and do not have the time or inclination to assist you with your finance problems. When you stop making your home loan payments (for any reason), the lender has the right to call up the loan by serving a PropertyLawAct notice and selling your home under a mortgagee sale.
The mortgagee sale / foreclosure process gives the lender the right to sell the family home so they can get their money back and any other costs incurred (which can be substantial and may take all or any equity you have in the house).
YOU NEED TO ACT FAST!
Mortgagee Sales - Information Guide
1. Receiving a Property Law Act or Demand Notice can be a very stressful time. The best thing to do is act quickly and get some professional advice.
2. Don’t ignore the notice, it wont go away
3. You have time to remedy the notice up until the date on the notice. Contact me and send me a copy of the notice, I will deal with the bank or lender for you. Once the notice has expired you can still refinance or sell the property right up until the day of a mortgagee auction. I help people out like this every week.
4. If you delay dealing with the problem, more and more penalty charges will get added directly to your loan, which you will end up paying when you refinance or the property is sold. The Penalty Interest can normally be up to 12% above the rate you are paying (so you could end up paying 22%+ on your whole loan).
As well as:
- Legal fees up to $5000
- Serving Agent Fees $500 (more if you don’t accept the notice
and it is served by the courts (up to $3000)
- Real estate marketing fees, auction fees and withdrawal fees ($5000-$20,000).
So as you can see by doing nothing, charges of up to $10,000+ can be added to your loan (legally you have to pay these)
5. The goods news is, if we communicate with your lender
or refinance quickly we can avoid all these costs.
6. I will sit down with you and work out a strategy to get you back
7. I will involve your lawyer in the strategy
It can be stressful time, but understand that there are many others in the same situation. With a little early intervention I can resolve these issues, get you back on track and your finance woes sorted.
I have helped hundreds of clients in this type of situation in the past.
John & Karen
John & Karen purchased their home 10 years ago, they both work and enjoyed a good lifestyle. John works in commercial construction where he does lots of heavy lifting of timber and concrete products. Earning very good incomes of $85,000 and $70,000 between them John and Karen had a comfortable life and could pay the mortgage easily, travel overseas once a year and usually could save around $1500 per month after paying all loans.
This all changed one day after John had an accident at work which saw a pallet load of timber fall on him crushing his legs. Being off work for up to 9 months and on a reduced income the bills started to pile up and things went from good to bad quickly. John being very proud did not want to ask for help and hid bills from Karen. The mortgage was only partially getting paid, John ignored calls from the bank until one Saturday there was a knock on the door from a debt collector on behalf of the Bank. They had 30 days to pay the Mortgage arrears of $7000 or the bank would sell the house.
The situation could no longer be ignored, they called Grant to explain their situation. They thought they would loose the house but to their surprise once all the details we worked through, Grant put in place a workable 12 month plan to get them back on track financially, pay off the arrears and other loans and stop all the Bank letters and phone calls. More importantly Grant got the bank to stop the mortgagee sale and helped John and Karen put in place a budget for the future to ensure they never got into this situation again. Two years on John is back working and their finances are in good shape again.
Paul & Selena were self employed in the trucking industry. They owned 3 trucks and contracted to large logging company to transport logs from Forrest to port. Management changes at the company they contracted to meant that after 8 yrs of hard work they lost their contract to another firm and were left with 3 trucks with finance owing on them (secured by their house) a mortgage to pay and no income to pay it.
Very stressed they called Grant and arranged a meeting to discuss options before they got into arrears on the truck loans and mortgage. Grant was able to arrange a short-term bridging loan to consolidate all outstanding debt, cover the finance and mortgage payments for 6 months until they could find new work for the trucks.
Quick action by Paul & Selena averted any payments being missed, provided them with peace of mind and enabled them to be able to focus on finding new work. Twelve months later all three trucks are working in a better contract and for more income. Crisis averted.