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What happens if I default on my home loan?

Taking a mortgage is a big responsibility that spreads over the years. It is impossible to predict how our finances will evolve so far with unforeseen events such as job loss or health problems are always a possibility.

While you can prepare financially for an emergency like this, prolonged difficult times can cause problems in mortgage payments. This is where some people feel they have no choice but to default on mortgage payments. But what does this mean and how can it be avoided?

What is the default mortgage? 

Mortgage defaults usually occur when borrowers are 90 days or more behind to repay their home loans.

The fees charged for the lost mortgage payments will not send you to the laundry but it is still expensive and will not help your tight financial situation. Costs range from about $ 9 to about $ 195, depending on who you are borrowing.

But your main concern is not the cost of the mortgage, it is the interest that will increase and keep you further behind in paying off your home loan.

Example If you are passing mortgage

payments every year for the duration of your loan, you can extend your mortgage for more than two years, which will harm the borrower significantly in the long run. For an average 25-year home loan of $ 300,000 and with a rate of 7 percent, you will also add approximately $ 33,000 interest and late fees.

What are the consequences of default on your mortgage ?

If you find yourself failing to pay a mortgage, then there are some consequences that you should be aware of. The first two are the financial implications outlined above; You will be responsible for paying the fees and overall interest charged on your loan will increase.

Secondly, the default on payments will be listed on your credit file which in turn will affect your credit rating. This could have a negative impact on loan and credit applications in the future.

The last and most severe consequence of a mortgage payment failure occurs if the problem persists. If you consistently can not pay your mortgage payments, even after seeking financial help, the bank will be forced to sell your property to recover its debt.

How can I avoid failing to pay my loan ?

Of course, no one is issuing a mortgage that expects its payments by default but there are some preventive measures you can take that you are prepared for if you are experiencing financial difficulties. The first thing to do is, before you take your loan, make sure you really examine how much you can afford to borrow and behave as realistically as possible. Finding a mortgage that offers a holiday repayment feature or an interest-only period is another way to keep your options open if you encounter problems later on.

Once you have determined this and taken out a loan, make an emergency cash fund that can be used to make a home loan repayment if you lose your ordinary income for a certain period of time. Having the perfect funds to cover the three months of payment gives you a good buffer to get your bearings if you are facing unexpected complications. If you already have your loan and are currently at risk of default, you should contact your creditor to let them know that you are experiencing difficult financial times and they will be able to assist you in thinking of the best course of action. Do not get rid of this from fear and embarrassment, contacting a lender and being proactive is one of the best moves you can take.

What can I do after this incident ?

If you have failed in your loan repayment, then you need to negotiate quickly. Call your lender to discuss your situation and what you can do in the future. Avoiding the problem will only make things worse. If you have missed some payments and your bank has made formal contact with a claim or call statement, then it is time to seek legal advice. Comprehensive legal advice is available in every state and territory and further details can be found on ASIC's Money Smart website

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