Home Loan HELP FOR DEATH IN FAMILY – FINANCIAL HELP FOR Death In The Family
Death in the family often means you need financial help. Do you need urgent mortgage help to pay for arrears or stop the possibility of a mortgagee sale?. Has someone died, and you’re having trouble paying the mortgage without them? Urgent financial assistance and a mortgage rescue may be available if there has been a death in the family. Passing away can have major and devastating financial costs for a family. This can also help if the family has bad debt because of someone dying.
If someone dies, it can mean the bank mortgagee sells your house.
Unfortunately when someone does, it usually creates a ripple of financial effects through the family’s financial situation. That means a mortgage rescue can become important. Talk to us about getting help to pay the debts and loans if someone died and you need an urgent refinance.
- The family grieves over their loss, and may take time off work
- Funeral costs might be incurred and there needs to be loans taken to pay for some funerals if there are no savings or life insurances
- It is hard to pay the family with less income in the family, with one less person paying
- Bills do not get paid on time
- The mortgage is not paid on time, and payment are missed
- The home loan can go into arrears
- The bank may take legal action and involve their lawyers
It is usually important that families who have recently experienced a death in their home urgently seek financial help and legal advice. Death can dramatically change the family’s finances. It is also important to talk to a good lawyer, and often your bank, because they may be able to consider some solutions to help with hardship.
However there are also situations where the bank may no longer be able to help.
To get budgeting help, the NZ government has a website to help you find a budgeter or financial mentor. You may also consider calling Moneytalks which has an 0800 number.
A good financial mentor or budgeter will typically be able to analyse your finances with you and help you organise a budget to ensure your bills are covered where possible.
Talk to financial adviser or mortgage broker about home loan help for death in the family
A good financial adviser or mortgage broker can help restructure or refinance your loan. By going into some adjustments, they may be able to make it more affordable to help yourself financially.
A financial adviser or mortgage broker usually has more options than the banks do, and more ways to solve problems. This can be a good idea if a bank is not able to help you.
Here are ways they might be able to help:
- Moving to you another bank or lender with lower repayments offered
- Extending the loan term, so that you have lower mortgage payments for now – thus providing some immediate relief
- Changing your home loan lender so that the situation does not get worse and you do not continue to be in arrears
- Bills do not get paid on time
- Money to repay caveats, disputes, or pay or consolidate debts.
For more information, send a message to Mortgage Rescue to help discuss organising finance. You can explain your situation.
Remember, it’s important to take urgent action. If you keep falling behind on your mortgage payments, your credit rating will usually negatively get impacted, and it actually makes it harder to find a solution. Get in touch to discuss.
You may be able to get help even if you’ve been turned away or rejected by banks in the past.