BEING TAKEN TO MORTGAGEE SALE
If you’ve been threatened with the prospect of mortgagee sale, you may wish to take action quick. You should urgently be in touch with a suitably qualified lawyer, and considering your options. While sometimes it may be too late to rectify the situation, this content largely assumes you are luckily not too late, and may wish to sell yourself or refinance your home if that’s available to you.
When struggling to pay your mortgage repayments, you might need to consider the prospect of urgently selling your home. A lot of people want an immediate offer on their home or to see if someone would privately buy their home. This can be a lot faster than selling your house through a real estate agent, which can often take a couple of months from start to finish. A private house buyer may agree to buy your house and you sell the house as is where is.
One issue with mortgagee sales is that they often do not achieve a fair price for the home, which can leave you in further debt.
What are private house buyers?
Private house buyers can take the house off you quickly, usually at a reasonable price. This can quickly clear debts. Mortgage Rescue is not a private house buyer.
Private house buyers typically are in the position to buy your house without having to take much time. They are usually willing to pay an okay price for your home, in return for the aspect that they buy it quickly, which would probably save you from the situation getting worse.
There are some private house buyers in New Zealand.
What is an Emergency Refinance?
There are different types of emergency refinances, these can be providing an opportunity for you to have more time to stop the mortgagee sale process for your home, or that of the family’s.
An emergency refinance can:
- Provide immediate financial relief around mortgage repayments
- Reduce your immediate mortgage repayments
- Help you with arrears, such as late bills, loans, consolidation
- Give you more time to recover financially
- Stop the bank from selling your home right now
- Assist with your finances
This is an option where you may be able to keep your house, either temporarily or over the long term. This is an idea to think about if you’re thinking what to do about a mortgagee sale.
Why An Emergency Refinance?
If you own a home, and are struggling to meet the repayments on the home loan or mortgage, chances are your bank or lender is charging you late payment penalties, sending you demand or threatening letters, and suggesting they may take legal action to sell your home.
When this happens, it may mean that your financial situation is no longer as good as it could be. This can usually be caused by a devastating life event such as a loss of job, a family member, a financial failure or setback, sickness, illness, or some other matter. Or you may have had something happen which means you can’t pay your home loan anymore.
How does it work?
An emergency refinance can provide an outcome, it’s important to talk to us right away.
- You contact us to discuss your situation
- We review the situation e.g. any late payments, bad credit, problems paying bills, etc.
- We look to arrange an emergency refinance for the home loan
- If you are successful, you receive an outcome.
The service is provided by a NZ professional financial adviser who is accredited and able to help you with these matters.
It can take a number of weeks to work on this process depending on a range of different variables, so it’s important to seek urgent help. If you delay the matter there is a real risk that the situation can get worse and therefore do you should probably not hide from it.
It is possibly that an emergency refinance can help you, even if you have been previously declined at banks or rejected there. The criteria is usually more lenient and also can work even if you have had credit problems.
What information do you need to provide to try stop the mortgagee sale?
A suitably qualified person will advise you what is required. However you can expect to need to provide some contact details, financial information, identification, and other matters.
Contact immediately to learn more about stopping the mortgagee sale.
Getting good legal advice
It’s also important to get good legal advice through the process and discuss this with a suitably qualified lawyer. Mortgage Rescue is not a legal advisor, but can put you in touch with one if you wish. It is important to work with a professional and high quality lawyer. There can be no debate that this is a complicated and risky part of law and therefore working with the right lawyer will help.