Mortgage Loan South Africa and Repossession in South Africa
Mortgage loans and repossession can be a scary thing. If you’re behind on mortgage payments, it’s easy to feel like there is no way out. But the truth is that mortgage loans are avoidable if you know what to do! In this blog post we will discuss 10 steps for avoiding mortgage loan and repossession as well as best practices for those who have fallen behind on their mortgage payments.
Did you know that mortgage loans are the most common form of collateral with repossession proceedings? If you are struggling to make mortgage payments, it is important that you take steps to avoid mortgage loans and repossession.
Buying a house is one of the most expensive and yet rewarding things you can do. However, mortgage loans are not always easy to get.
- Keep making mortgage payments! If you are behind on your mortgage payment, the best thing to do is keep trying.
- Stay in touch with your lender. Even if you have fallen behind on mortgage loan installments, lenders want to know how they can work with you and avoid foreclosure or repossession. So stay in contact even when you feel like there is no point.
- Get a mortgage loan modification! If you can’t afford your mortgage payment, obtaining a mortgage loan modification or refinancing may be the way to go. This will reduce monthly mortgage payments and make it easier for you to keep up with installments until your financial situation improves.
- Sell off assets that aren’t necessary in order to lower debt loads and accumulate more money toward mortgage installments each month if possible. Assets such as cars, boats or other luxury items may not need to be kept during times of financial hardship when they are just adding additional stress on top of an already difficult situation.
- Don’t let yourself fall too far behind on mortgage loans otherwise foreclosure proceedings could result even after you have made mortgage loan modifications or refinancing.
- Get a job if you can! Even a part-time job will help you accumulate more money each month and make it easier to catch up on mortgage payments. It is important that mortgage installments are paid in full by the end of every 30 day period so being able to contribute additional income during this pivotal time may prevent foreclosure proceedings from moving forward.
- When behind on mortgage loans, try not to take out any new lines of credit such as store cards or credit card purchases unless absolutely necessary since these types of debts could push your financial situation over the edge and lead to repossession even after obtaining mortgage loan modifications or refinancing for existing debts. This includes taking out an equity line against your mortgage to pay off other debts since this is essentially the same as taking out a new line of credit.
- If you have already started foreclosure proceedings but believe that there may be opportunities for mortgage loan modifications or refinancing, do not quit! Continue working with your lender and see if anything can be done about your situation before it’s too late. It never hurts to ask!
- Do not skip payments on any existing lines of credit such as home equity loans or car loans because these types of debt could impact chances for mortgage loan modification and repossession even after obtaining mortgage payment assistance from lenders.
- Finally: If all else fails, contact The Best Debt Solution Company (Real Estate Assist) who specializes in helping individuals avoid foreclosures and repossessions. We have Free debt consultations and the best debt review alternative programs and debt solutions for you and your Family to be debt-free and to keep your home!
Our Dedicated Debt Solution Experts and Debt Advisors will give you unique debt relief solutions to cancel all debt and stop evictions and repossession!
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