With home repossession being on the increase, many people worry about losing their home. While it might seem difficult to prevent foreclosure of your home it’s not entirely impossible. There are certain options which you can try before facing the worst. So, spend a little time reading up on your options to find a way out of the dark tunnel.
The best possible solution to stop home repossession is, of course, to always pay your mortgage on time. But, when you fall behind, on rent or mortgage repayment, contact your lender as soon as possible. They are more likely to work in your favour if informed promptly. You may be able to negotiate your payment terms with them and get your deadline extended or even better, they might even restructure your loan so that it becomes more affordable for you. Remember your lender wants his money rather than your home so, be forward and honest.
The more you avoid any notice from your lender, the more your chances become slim to save your home. Don’t ignore any mail or post that looks official. The first notice that you receive will offer useful information on preventing repossession which if given heed can turn the table in your favour. Your ignoring of any official mail will only give an impression that you are not interested in paying back and thus will force the lender to take strict measures.
Keep every piece of documentation sent to you. Go through them to know what measures will be taken if you fail to make payment. Contact your GetMore financial expert to learn more about the loan documents and about home repossession laws. The financial expert will help you to prepare for your case if, unfortunately, the matter goes out of hand.
Another option that can ease your problem is to refinance your mortgage. If the market is good then you can easily get a new loan at a lower interest rate and therefore pay the previous one. The new loan with a lower interest rate will be easier for you to repay.
When you do have the pressure of a loan that has to be paid, ensure you prioritise your expenses. Cut down on expenses which you think you can do without. Club memberships and entertainment expenses are some of the examples which you can eliminate until you are back on your feet. It’s always hard to move out of the place where you have lived for so long.
To get the best financial and legal advice phone GetMore on 084 11 438 48 – it’s free for members who use their Cell C number. Our experts will give you advice to help you keep your home safe and secure.