HOW OFTEN DO YOU VISIT YOUR DOCTOR, SOLICITOR OR ACCOUNTANT? WHENEVER YOU HAVE A PROBLEM OR DISCUSS A SITUATION/SOLUTION.

A FEW PEOPLE DO EXPERIENCE PROBLEMS WITH THEIR HOME LOANS BECAUSE OF VARIOUS REASONS LIKE:

• LOSS OF JOBS
• DROP IN INCOME/S
• ILL AND UNABLE TO WORK
• TENANT NOT PAYING RENT ON TIME OR NOT PAYING AT ALL
• INTEREST RATES HAVE INCREASED BEYOND EXPECTATIONS
• HAVE BORROWED TOO MUCH ELSEWHERE AND CANNOT MANAGE
• FAMILY SITUATION HAS CHANGED

SOLUTIONS ARE NOT EASY BUT SOME OPTIONS ARE:

• FIRST TALK WITH IMMEDIATE FAMILY / CLOSE FRIENDS& ASK FOR THEIR HELP….IN ANY FORM
• TALK TO YOUR LENDER / BROKER/ADVISER
• NEGOTIATE RATES
• CHECK IF YOU CAN GO INTEREST ONLY ON LOAN
• INCREASE TERM OF LOAN
• ASK FOR MORTGAGE REPAYMENT HOLIDAY (PRINCIPAL INCREASES)
• DO A 2^ND&/ OR 3^RD JOB OR CHANGE TO A BETTER PAYING JOB
• TAKE ON A BOARDER/S
• CONSOLIDATE OTHER BORROWINGS WITH HOME LOAN, IF POSSIBLE
• DELAY,POSTPONE OR CANCEL ANY HOLIDAYS PLANNED
• REVIEW PERSONAL EXPENSES – FUEL,PAY TV,EATING OUT,CLOTHING,JEWELLERY
• STOP BORROWING ELSEWHERE

IF ALL OPTIONS HAVE BEEN EXPLORED AND NO RESULT OBTAINED, YOU MAY BE BEST ADVISED TO SELL BEFORE THE SITUATION WHERE THE LENDER HAS TO SELL (MORTGAGEE SALE)