Menu Close

Mortgage Arrears & Repossession

About Mortgage Arrears & Repossession

About Mortgage Arrears & Risk Of Repossession

Recent times have been very difficult for most people – with the pandemic and repressed economic environment. As a result, there is an increasing number of people who are unable to service their mortgage loans.

If you are in this situation, it may be quite stressful as the risk of repossession on your mortgaged property becomes very real.

However, all is not lost. This post provides more insight into what you can do to prevent repossession, and hopefully resolve your dire circumstance.


What is Mortgage Arrear?

The moment you miss a mortgage payment, your mortgage goes into arrear. In general, you have about 90 days before any serious action is taken against you.


What happens in a Repossession?

In a reposession, the lender applies to the court to take posession of the property, to sell it in order to recover the amount that was borrowed plus interest, fees and other associated costs.

The house title remains with the borrower. Any excess money from the sale will be credited back to you as the property owner.


What to do to avoid Repossession

The key to resolving the risk of repossession is to act quickly. If you are know you are heading into arrears, it’s wise to quickly speak to a mortgage loans specialist.

In most cases, a refinancing package can be negotiated with a trusted lender, depending on how much equity is left on the property and the financials of the borrower.

Refinancing application takes time and settlement requires even more time. Many people wait till it’s too late.

If you are in mortgage arrears, act now before the threat of repossession becomes a reality.


Who can help if you face mortgage arrears or are under threat of a repossession

If you have a good credit history and sufficient equity on your property, you could try to get a loan from the bank.

However, in most cases, the very fact that someone has gone into arrears, indicates that they are unable to service the mortgage and may not have a good credit history. Take self employed people for instance. They would not have the financials the banks require to secure a bank loan.

If you are in this situation, your best alternative is Private Lending. Speak to a reliable and trusted private mortgage broker. These private lending specialists specialise in resolving mortgage arrears and repossession scenarios. An experienced private mortgage broker will be able to suggest next steps immediately towards resolving your situation.

We help many resolve Mortgage Arrears & Repossession issues.

Speak to Us Today. Don’t delay.

Gryphon Direct is Australia’s Trusted Private Lending Specialist. We have access to a national network of over 200+ private and non-bank lenders. Over the last 15 years, Gryphon Direct has helped many Australians resolve difficult financial situations.

If you need help urgently, speak to us today.

*Property as security is required. We do not do Personal Loans.