Is Your Home Loan In Arrears?
Mortgage in Arrears?
Been Declined Already?
Stop your Eviction!
Get in Front Again!
We are here to provide mortgage arrears help
One of the most stressful situations to go through financially is to get behind on your mortgage. It’s your home, and none of us want to feel the fear of those collection calls, or a pending eviction.
- Not sure what to do with your home loan arrears?
- Don’t want to deal with the mortgagee’s collection department.
- Who do you trust?
- Who do you take advice from?
There are a range of solutions available to assist in resolving home loans in arrears. These solutions are split between finance options and non-finance options. All options are supported by governmental policy and lenders must have documented policies and procedures under their credit licence for both provision of credit and also hardship – lenders must have hardship provisions to assist clients through financial issues, and also documented internal and external dispute resolution policies and procedures when disagreements occur.
- Hardship: Find out the internal hardship processes and policies with your current lender. There are hardship processes available to enable you to catch up on your payments. If you haven’t done so, immediately request hardship on your loan.
- Payment Plans: Inside the hardship provisions of your lender you should be able to make arrangements to pay the arrears back over a period of time. Please note that if you miss a payment, the lender can start the collection process from where they left off.
- Mortgage Payment Insurance: Did you take out mortgage payment insurance on your home loan? Check with your lender to find out as if you've taken out insurance the insurer will pay your mortgage payment while you are having trouble* (check your policy to understand exclusions and the policy guidelines)
- Ombudsman Complaint: An ombudsman complaint may be required if you are not able to facilitate your hardship request. Please remember an ombudsman complaint cannot be lodged once your lender has begun legal action. The two main ombudsman are CIO and FOS – review your lender website to find which ombudsman service they subscribe to.
- Release of Superannuation: This is not available in all cases of mortgage arrears. You may release superannuation only for owner occupied property and the release of superannuation must stop the lenders action to sell your property and recover all their debt.
- Mortgage Arrears Loans: There are a range of lenders who specialise in mortgages with an arrears, or in default. They are traditional consumer loans with specialist policies to ensure the loans will place a client in a better financial situation.
Each of the solutions above have pro's and cons associated to the solution. The cons usually relate to the cost vs benefit. Understanding each solution provides effective choice in line with your financial requirements.
You may be able to facilitate hardship, or one of the other solutions such as a payment plan to rectify your arrears; however is this the best financial approach?
How much time do you have before a mortgage repossession?
How much time do you have before being evicted? The time can vary substantially between lenders and therefore the best way is to call your lender to find out how much time you have. If you have 3 months mortgage arrears or 4 weeks from an eviction, or you have received a demand to pay, you should call us immediately as the solutions noted above may be inappropriate for your circumstance. Time is of the essence and you should contact us immediately on 1300 796 850.
If you are not confident with making contact with your lender we will represent you and make contact to ascertain how much time you have. Contact us on 1300 796 850 complete our privacy form which authorises us to discuss your mortgage arrears on your behalf.
Benefits of Mortgage Arrears Loans and Solutions
- Meeting your normal monthly payment plus the arrears payments may be difficult, especially if you have other high interest debts such as credit cards as well. Check your budget to ascertain if a payment plan plus your normal mortgage payment, plus maintaining other commitments will be able to be met. This point reflects high income debt ratio giving a higher chance of re-entering default.
- What is the chance of failing your payment arrangement? Ensure your budgeting is planned and in place as eviction/recovery action will usually begin from where it stopped if a payment arrangement falters.
- Refinancing home loan arrears can provide benefits in the finalisation of the current lender foreclosure proceeding. Once the new loan is established the issues with your lender disappears and the slate is wiped clean. You have a fresh start.
Traditional Lenders and Mortgage Arrears Policy
Mainstream banks have issues with refinancing home loans in arrears, or in default. Their Australian credit licence, as well as business funding costs prevent them from funding home loans with arrears. Credit policy may also prevent acceptance of issues with income sources that have caused issues, or any of the other predicaments noted above.
If you have experience any of the issues above and seeking further information to rectify your mortgage arrears issues, we may assist in a tailored finance solution to ensure a successful result.
Contact Loan Saver Network on 1300 796 850 to discuss your home loan arrears or submit an enquiry for a free home loan arrears consultation.
Why Work With The Loan Saver Network ?
Australian Credit Licensed
Variety of Standard and Specialist lenders
19 Years Lending Experience
Simple Straight Forward Solutions based Approach
Ongoing Support Program.