Situation Changed After Taking Mortgage
- August 28, 2020
- Posted by: admin
- Category: Loans, Refinance
Have you insured your home, contents, car, life, incomes, and health?
IF YOU HAVE NOT DONE THIS- DO YOU HAVE A STRONG REASON? LET ME KNOW SO THAT I CAN SHARE IT WITH OTHER LISTENERS.
WHAT HAVE YOU LEARNED FROM THE RECENT CHRISTCHURCH EARTHQUAKE?
Situations can change overnight in life …especially in a mortgage situation. At least banks have now given borrowers a 3 month loan repayment holiday in South Island.
Incomes change – can be lost or reduced, separations & personal tragedies can happen
External borrowings go out of control – we do not realize we are borrowing and living beyond our means…the trap is especially with interest-free promotions &/or car hp’s
You have borrowed influenced by what you felt were very attractive offers.
You suddenly find you cannot make a loan installment payment on the due date – you did not budget and therefore borrowed more than you could service.
To make payments work – u start delaying the hp repayments or missing them altogether
The HP Company sends you a notice… You then make up the payments on the HP
The home loan repayment is missed or delayed – the bank calls you or sends a letter
Other necessary expenses are delayed…insurances are stopped or delayed…this will affect you if the need to make a claim arises
In no time you have a small repayment crisis on your hands… STOP HERE
Talk to the concerned lenders – both the bank & the hire purchase provider…..put things in writing asking for some time to enable you think of a solution
Check if you have enough equity in your property to consolidate the borrowings…check if you also have sufficient income to service the consolidated loan
In many cases, you are able to consolidate the loans
CALL MORTGAGE MANTRA IF YOU ARE IN A SIMILAR SITUATION
OUT OF 100 PEOPLE WHO START WORK AT AGE 25 & REACH AGE 65:
1 IS WEALTHY, 4 HAVE ENOUGH SAVINGS TO TAKE CARE OF RETIREMENT
3 ARE STILL WORKING, 63 DEPEND ON SOCIAL SECURITY OR WELFARE OR FAMILY & FRIENDS…..29 ARE DEAD