It’s good to know that help is readily available if you are experiencing difficulties making repayments on your mortgage. Many borrowers tend to retreat, hide or avoid the issue when this happens, however this is the worst thing that they can do.
The Genworth “Home Owner Assistance Program” (HOAP) for example, has since 2006, helped 32,000 families keep their home. According to Genworth, the main reasons borrowers fall into arrears are: income reduction (27.2%), unemployment (26.4%) and illness or injury (17.7%). These three reasons alone account for more that 71% of mortgage default.
The HOAP program assists borrowers in many ways by varying their repayments, putting in place a moratorium, restructuring the loan, temporarily suspending repayments and various other strategies. Getting in early is the key as a quick intervention is the best solution.
So, if you are experiencing mortgage stress, do not delay. Contact your broker or lender for assistance.