In the current economic climate, post-covid, it’s quite common to find households falling into strife. With the loan repayment holidays ended, many homeowners are now struggling to make their monthly mortgage repayments.
Unfortunately, banks do not give much lead time or grace when it comes to mortgage arrears. Generally, one has about 90 days (3 months) before serious action is taken against the borrower. Now that may sound like a long time but if you are in debt, months can fly by quickly without much hope in sight.
When the time runs out, banks or debt recovery agencies will likely be in touch with you, presenting the risk of a repossession of your property. This usually means, you are ordered by the courts to sell your home. The proceeds from the sales will then go into repaying your mortgage, associated costs and the remaining back into your bank account.
Repossessions are tough. It affects the entire family and can be very difficult to stop.
If you are in this situation, there may be a way out.
How can a Private Home Loan help prevent repossession and fix your mortgage arrears?
Firstly, banks won’t lend you any more money if you already have arrears or bad credit. So you will need to look elsewhere. Private Lending could be your answer.
Private Lending is an industry which aligns private lenders (people with funds to spare) to prospective borrowers. Aside from the banks, private lenders provide a source of private funds that could help resolve a wide variety of problems.
These include:
- Stop Repossession
- Fix Mortgage Arrears
- Debt Consolidation
- Credit Repair
- Cash Out
So if you are in a similar situation, speak to a private lender today. Your problem might be easier to resolve than you think.
Don’t wait till it’s too late. Private loans take time to process. Get in touch with us today.
IMPORTANT: All private home loans, refinancing are secured against property. You must own property with equity left on it to be able to apply for a private loan.
Gryphon Financial is Australia’s Trusted Private Lender with access to over 200+ non bank lenders. We have the resources to resolve your problems quickly.