Once you are 3 months behind in your mortgage, the lender will issue you with a PLA (Property Law Act Notice) asking you to repay your mortgage or the property will go to mortgagee sale. From issuing a PLA to mortgagee sale generally takes about 6-8 weeks as the lender is obligated to properly market your property.
If you really are in the pooh then there is not a lot we can do to help. If you have borrowed over 70% of your combined property’s value (at current values) then there is no way it can be refinanced. One option to consider is if other family members can buy the property, possibly using a Trust structure to protect your interest. This relies on other family members having sufficient income to service the mortgage.
The good news is if you have borrowed less than 70% or have other properties available then we can potentially refinance you into a specialist lender (and capitalise interest.) This is only ever a temporary solution that either allows you to sell the property or other assets yourself in an orderly manner, or until you get your income back on track.
Finance is Available if:
- You have less than 70% borrowed against all of your properties (house not apartments)
- You have family members in a position to buy the property off you
If you find yourself in this situation give JB a call to discuss on 09 376 9688. In some instances we might be able to help.
