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Avoid Foreclosures
The best way to avoid having your house sold from under you if you fail to make your mortgage payments is to have a separate floating mortgage. This is best taken out at the time of getting your original mortgage loan. But it can be added at any time if you can get it past the bank manager. Basically work out the amount you have to repay over a period of say 3 years and have this money in reserve as a floating loan (you would only pay interest on the amount drawn down at any point in time) that you can dip into and pay back as you wish. Only use it for mortgage repayments and if it looks like you are getting into difficulties you need to bite the bullet and put the house on the market and get it sold.
The loan will give you three years to sell which should see you through any market downturn and help minimise the stress. |
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