Repaying a home loan for the next 25-30 years can have its ups and downs, even with the best of intentions things happen in life - sickness, job loss, large unexpected bills - managing your mortgage is an important part of home ownership. But if you get behind on your mortgage payments a bank could sell your home at mortgagee sale - if you don't take action.

So here's some helpful tips that may help...

Take action - don't leave things and hope it will all come right
If you know you may not be able to make your next mortgage payment talk to your bank as soon as possible, they may be able to help if you contact them sooner rather than later. Maybe a mortgage repayment holiday will help. You may be able to apply for financial hardship but this generally has to be done before you get into mortgage arrears.

 

Steve is wonderful to work with as he took the time to listen to our concerns and never judged us even though we were in major financial trouble.... Wayne & Jo Hislop more

 

Already in arrears?
Again its important to keep the lines of communication open with your bank/lender. Let them know that you're aware of the situation and want to get it resolved - lenders may be able to assist in allowing you to repay the arrears over time. In some cases you may be able to apply for financial hardship but this generally has to be done before you get into mortgage arrears.

If you're 3 months or more in arrears you may have received a DEMAND. Please DO NOT ignore this notice, contact your bank/lender straight away. There will be an expiry date on the DEMAND which if passed will mean the bank/lender will issue a Property Law Act notice.

Property Law Act notice - PLA (Info on PLA >> more)
If you have been issued a PLA then the bank/lender is really serious about getting the arrears up to date. This is a legal enforceable document which means if you do not pay the arrears the bank/lender can sell your home at mortgagee sale.

They can also take possession of your home and lock you out. If a PLA expires then the bank/lender's solicitors will instruct a local real estate and possibly a Valuer to assess your home for sale. If the PLA is not remedied then your property could be sold at a public auction for less then its value and therefore you will lose all your hard earned equity. We strongly recommend you contact your solicitor so they can advise the legal implications.

So how 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' may be a second mortgage can be applied for to repay the arrears, may be a 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 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)

What we will not do
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 take the property out of your name.
We will not work with unregistered lenders.

Over the years as a mortgage broker I have helped save 57 homes for mortgagee sale and saved hundreds of thousands of dollars in equity - I may be able to help you.

The above is for information purposes only and not to be taken as advice. For detailed advice on your situation -

Call us on 0800 ADVOCO (0800 238 626) or email us.

Some of the 57 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.

Halsey Drive, Lynfield.

Staincross Street, Titirangi.

Camphora Place, Ranui.

Chapman Road, Te Atatu Peninsula.

Tennessee Avenue, Mangere East.

Newham Place, Henderson.

Lockhead Road, Te Puna.

Landette Road, Manurewa.

Brain Road, Kelston.