Mortgagee Sale

A mortgagee sale may mean you lose your house

So how could you stop the mortgagee sale? Hopefully the process is not too late. The adviser has relationships with reputable NZ based lenders who can help refinance your loan despite having issues like a PLA notice, or a potential mortgagee sale. Our professional financial adviser,  of Just Financial, Arthur, will help to understand your situation and check what your options may be in this type of situation.

What is a mortgagee sale about?

If the home loan is in default, or has not been paid for some time, then chances are the bank or lender will start the process to take the home to mortgagee sale.This is also because the debt on the home has gone on beyond an acceptable situation, and therefore the lender or bank now needs to recover funds.  This means that you could lose the home and the bank decides to sell it. It may also lead to long term financial hardship and credit problems. It can also be financially devastating if the house does not sell for a good price.

Whilst banks and lenders have to follow processes to achieve a fair price for your home, it is often better to be able to avoid that situation, and instead to sell it on your own terms. That can be achieved by stopping the mortgagee sale, if successful.

Can you stop the mortgagee sale? 

Depending on different matters, including but not limited to: timing, If you act fast and present a credible alternative to the bank, you might be able to stop the mortgagee sale.

There is no guarantee over this (it may actually be too late), however if it is not too late there can be a reasonable chance at stopping the mortgagee sale. If you can stop it, you might be able to save your house from being sold by the bank, and losing possession of it. You may be able to keep it in your family, and save the home.

There are different reasons why people might want to stop the mortgagee sale. Sometimes you might decide that there is a way to refinance the home loan to save money, or to sell it, however you’d rather sell it on your own terms. Selling it on your terms allows you to market the house more tactfully and also sell it at a time and pace that lets you make plans.

Getting urgent help

We understand that this can be a challenging situation for many families, and in many cases, your bank may not be able to assist if it is too late down the process. That is why using a financial adviser who uses reputable NZ based lenders can help.

It is also recommended that you consider seeking legal advice when being faced with a PLA notice. A suitably qualified legal expert is a useful tool by your side.  You may need a lawyer who specialise in helping those facing mortgagee sales to assist.

It’s important to act quickly. There is no guarantee of success, but the longer you wait, the process can become harder and the issue may become more difficult to remedy.

We understand that this can be a challenging situation for many families, and in many cases, your bank may not be able to assist if it is too late down the process. That is why using a financial adviser who uses reputable NZ based lenders can help.

It is also recommended that you consider seeking legal advice when being faced with a PLA notice