What is a mortgage rescue?
Stopping a mortgagee sale can save your house from financial turmoil. We provide services to rescue your home from being taken to mortgagee sale. Learn how to stop a mortgagee sale with our services if the bank is wanting you to sell your house or else they will sell it themselves.
Prevent a mortgagee sale when you learn what is a mortgage rescue
A mortgage rescue helps stop a mortgagee sale which is commonly wanted where the bank is asking you to sell your house. This is typically a financially challenging situation, and can be caused by different reasons. Getting professional legal advice and or financial advice can certainly help you here.
If you take action early in the process, and hopefully before it is too late, you may be able to work with a suitably qualified legal expert to help advocate for your situation, then work with a financial adviser or mortgage broker who could move you to another lender; so you are away from the bank for a while.
This then gives you time and breathing space to help get out of the situation.
The reality is that if your home undergoes a mortgagee sale, you will most likely be forced to find somewhere to leave, and it could be sold under its value. This means your family could be greatly in debt, and you could also potentially be bankrupted and face action by the official assignee.
Why might you need a mortgage rescue?
If you are unable to meet the obligations on your mortgage or home loan, a mortgage rescue might be able to save your property from financial difficulty. You might urgently need to stop a mortgagee sale. There are many reasons why someone might need a mortgage rescue, but these can include:
- Job Loss
- Loss of Employment
- Lost Your Job
- Death or Passing Of Someone
- Sickness such as a medical condition
- Accident or disability
- Business failure
- Credit problems
- Went guarantor on someone else’s loan
There can be a range of reasons why someone may need a mortgage rescue
The bank wants to sell your home?
Life can have its negative and challenging turns, which causes people to fall behind on their mortgage payments. If you are unable to continually pay your home loan, or can’t meet your mortgage, chances are you will be in mortgage arrears with your bank.
If you are in arrears with your bank, it is helpful to contact them in the first instance. However if you’re reading this website, chances are that time has passed, and the bank has started to take legal action or refer you to their debt collection team.
You may find that you are threatened with the prospect of a mortgagee sale.
If the bank sells your home, there’s a real chance that it might sell for under value. A stuff.co.nz article reported that a family found their bank sold their house for around less than half its value!
Receiving a default notice, PLA mortgage?
If you’ve received a default notice or a PLA notice (Property Law Act Notice), it’s usually important to urgently seek advice and take action. The longer you wait, the chances are that the situation can become harder, more expensive, or even impossible to try control. Your bank or lender might also tell you that you need to engage a lawyer to deal with them, and their usual staff members may not be able to help you for this matter.
The lender or bank usually has rights to recover or remedy the money that are owed to them and some of these powers are bestowed under the Property Law Act 2007.
Receiving this type of notice can mean a range of things including the bank is in the process of taking legal action, the bank is adding penalties and extra interest, they are considering selling your home at mortgagee sale, and more.
How to stop the mortgagee sale?
There are a range of ways to stop a mortgagee sale, and it is important a suitably qualified lawyer helps you with this. We are not lawyers, so you will need to engage a lawyer or we can put you in touch with one that may suit. Sometimes the skill required to deal with a mortgagee sale is beyond that of many conveyancing lawyers, and requires a more senior legal person or lawyer to help.
For us at Mortgage Rescue we can try find a solution by an emergency refinance of your home. This is where we might be able to prevent the bank from selling your home, by you selling it yourself.
This is not available to everyone, and furthermore, criteria does apply. So consider talking to us ASAP to understand if there are options.
We may be able to organise a lender which will provide breathing space or time for you to recover, until such time you can:
- Improve your finances (For example, time to find a new job, or start a new income generating method, or regroup)
- Organise the sale of your home (For example, you may need to go back to renting or move to a smaller house for a while, until your finances regroup and get better)
- Regroup and recover financially
Remember that even if you have had bad credit or problems getting loans in the past, there is a chance we can still help you. So contact us today urgently to discuss the services to stop the mortgagee sale.