Don’t let Debt threaten your home
Are you struggling to keep up with the costs of day to day living? Are you behind on your credit card payments, personal loans and bills? Do you fear court judgments or debt collection action from your creditors? If this sounds like you, your financial situation might be threatening the loss of your family home.
Don’t let your debt get the better of you. There are some proactive solutions you can use now to avoid losing your home in the future.
Refinance your Mortgage to Pay Off Debts
Do you have equity in your mortgage? If so, you may qualify for a Mortgage Refinance. This will allow you to consolidate all your debts into your home loan and leave you with one affordable repayment while reducing interest and fees.
To do so, you need to apply for a mortgage refinance with an amount large enough to cover your current mortgage balance, as well as the total of other outstanding debts. In most cases, the amount you need to borrow will fall within the equity on your home and your mortgage refinance will be approved. If this is the case, you then use the money from the refinance to pay off your existing debts and your new mortgage repayment becomes your only payment to repay all your debts.
We may even be able to use the refinanced funds to settle unsecured debts for a reduced percentage, leaving you funds to address those necessities you have been sacrificing.
Have you been rejected for a debt consolidation because you have too much debt? Don’t worry! We can negotiate with your creditors to reduce your credit cards, personal loans and any other debts down to an amount you are eligible to consolidate and service.. These negotiations won’t leave a mark on your credit rating and with your improved debt standing, you will have a better chance of securing a loan.
The national average interest rate for a home loan is between 4.5-5% while the average for a credit card or personal loan can be in excess of 20%. By consolidating your debts into your home loan, you can save thousands in interest.
Complete the form at the top of this page now to see how we can assist you with a refinance.
Declare Bankruptcy and protect your home
Sometimes declaring bankruptcy is your only, or your best option. Many Home Owners try to avoid going bankrupt because they think they will lose their house. But there are ways you can protect your family home despite declaring bankruptcy.
If your home is jointly owned with your spouse, your Bankruptcy trustee may offer to sell your share of the house to your spouse for the cost of your share in the equity. So say you have $50,000 equity in a property that is jointly owned with your spouse. Your spouse may be able to purchase your share of the house from the Bankruptcy trustee for $25,000 or less.
Find out more about keeping your family home through a bankruptcy by completing the form at the top of this page.
Pay off your debt on your terms!
High interest, overdue fees and unmanageable repayments all contribute to the development of financial difficulty. Let us negotiate with your creditors to freeze interest, reduce repayments and minimise fees to make your debts more affordable.
We offer a range of solutions which are designed to help at different stages of debt. So it doesn’t matter if you owe $10,000 or $1,000,000, we can help you.
The positive solutions we provide are practical and effective. Because Debt Rescue is passionate about financial education, our solutions will help you to develop your money management skills along the way reducing the risk of you ever falling into debt again. Some of the services we offer include:
- Debt Consolidation and Refinancing
- Part 9 Debt Agreements
- Informal Debt Agreements
Complete the form at the top of this page to speak to one of our case managers and find out how we can assist you today.