Mortgagor Rescue Package
If you have fallen behind in paying your regular mortgage payments then the mortgagee (bank/lender) can eventually sell your property. This is generally quite a slow process, so if you are having trouble keeping up with your mortgage payments, speak to your bank or home loan lender as soon as possible.
It may be possible to make an agreement to reduce payments or pay off the mortgage more slowly. The most important thing is to communicate with the creditor, so they know your circumstances and understand that you are trying your best to sort matters out rather than simply not paying for no good reason.
Under the Credit Contracts and Consumer Finance Act which came into force in April 2005, people facing financial hardship have a new statutory right to approach the mortgagee and ask for their payment schedule to be rejigged provided they are not in arrears. Situations in which this might apply include losing your job, a relationship break-up, illness or injury.
However, the law only allows people to do this if they have not already fallen behind within repayments.This means it is important to act quickly if you think you may be getting into financial difficulties. Once you are already in arrears, the provision does not usually apply.
can we help?
We can help at each stage of the mortgage arrears process even if the PLA has expired. We will need to assess your financial position and advise you on your options. We understand the stress and anguish that you must be going through and will do our utmost to assist if we can.
With our 'Mortgagor Rescue Package' maybe a second mortgage can be applied for to repay the arrears, may be a family member can help or guarantor. May be a full refinance is required to help you get back on your feet, then refinance back to 'bank rates' at a later date, or sell the property without the stigma of a mortgagee sale.
For many clients we have negotiated with the mortgagee (bank/lender) to have expiry dates extended and liaised with the banks lawyers to find out other important information to help you. (We do charge an hourly rate for this service, if we negotiate on your behalf)
Over the years as a mortgage broker I have helped save 141 homes for mortgagee sale and saved owners millions of dollars in equity - I may be able to help you.
What we will not
We will not offer to buy your home.
We will not refer you to someone that will buy your home.
We will not offer you a buy back scheme.
We will not work with unregistered non-bank lenders.
The above is for information purposes only and not to be taken as advice. For detailed advice on your mortgagee situation -
Call us on 0800 ADVOCO (0800 238 626) or email us.
Some of the 141 homes Steve has saved from the auctioneers hammer!
King George Avenue, Epsom.
Williamson Avenue, Grey Lynn.
Khyber Pass, Grafton.
Ivy Place, Birkdale.
Evandale Street, Glen Innes.
Whangaparaoa Road, Whangaparaoa.
Layton Road, Manly.
Kenwick Place, Pakuranga.
Scenic Drive, Swanson.
Port Waikato Road, Tuakau.
Layton Road, Manly.
Eyre Street, Henderson.
Edinburgh Street, Pukekohe.
Ivon Road, East Tamaki.
Hillsborough Road, Mt Roskill.
Israel Avenue, Clover Park.
Dawson Road, East Tamaki.
Howell Street, Mt Roskill.
Lake Road, Devonport.
Rangatira Road, Birkdale.
Levesque Street, Birkdale.
Alidade Place, Massey.
Otaua Road, Waiuku.
Ambler Avenue, Glen Eden.
Trojan Crescent, New Lynn.