Mortgage Arrears Help & Financial Assistance
Get help with mortgage arrears and clearing them
Help paying mortgage arrears is important if you are struggling to pay your home loan. We understand that mortgage repayments can be very expensive, but the problem is that the bank might start to apply penalties to your situation. It can also make your credit rating or credit situation worse. That means it might get harder to get credit or finance in the future.
Mortgage arrears can occur when you are behind in meeting your mortgage repayments. For example if you pay them late, or do not pay them. There are different reasons. For example sickness, a death in the family, problems budgeting, too many debts, losing a job and can’t pay the mortgage, divorce home loan issues, etc.
You need to fix this problem as soon as possible to avoid the situation getting worse. There is the risk the bank may re-possess the house or take it to mortgagee sale – meaning you might lose your family home.
Late payments put you at risk of losing your house
If you do not pay your mortgage on time and you miss payments, you might run the risk of losing the house. This is because a lender or bank needs to recover the money. There are different circumstances which may mean that you could get help, but it’s important to ask early. For example if you are experiencing hardship you should generally contact your bank or lender in the first instance. Issues such a losing a job, COVID-19 (coronavirus), or other matters, may mean that you could need to get help paying the mortgage and speak to your bank about a mortgage holiday or other options.
However if you continually are unable to remedy, fix or rectify the situation, it may mean that the home loan has to be refinanced, or the house has to be sold. That’s because if you continually miss payments, the problems snowball further, and the debt amounts further. It likely means the position is unsustainable, and it needs to be fixed.
– Refinancing the loan
– Selling the property
– Restructuring the mortgage
– Borrowing money to pay off mortgage arrears
– Converting the mortgage to interest-only
Getting help with mortgage arrears
It’s important to seek the right type of help to get the mortgage arrears. You would usually want to do it in a way that paves a better financial future, rather than putting a bandaid over an issue that’s going to get worse. Seek help and make contact if you would like help with mortgage arrears.