Stop Your Mortgagee Sale with ADVOCO's Expert Advice

If you are struggling to make the regular mortgage payments on your home, the bank ("mortgagee") has the right to sell the property as stated in the mortgage contract. However, the mortgagee is legally required to serve you with the proper notice before this action can take place. This notice must inform you of the amount you are in default, the time you have to remedy it and the rights the mortgagee has if you are unable to remedy the default in time.  

If you have recieved a notice from your creditor that does not comply with the legal requirements, or if they sell your home before the date given in the notice, you may be able to apply to the court for a remedy to stop the sale from happening. For any legal advice its always best to tak to your lawyer.

What Can You Do?

The first step is to promptly talk to your creditor or bank and try to work out a solution. You may be able to reduce your payments or extend the term of the loan so you have longer to pay it off. Communication is key and a mortgagee sale is the last thing anybody wants so being upfront with your lender by explaining your situation and how you are best trying to rectify it will help your case. 

Acorrding to the Credit Contracts and Consumer Finance Act, you have the right to approach your lender and ask for the payment schedule to be altered if you are facing financial hardship and are not in arrears. The most important thing is to act quickly if you may be facing finanancial difficulties as the law only allows people to do this who are not already behind with repayments. 

How Can We Help?

Advoco can offer you help and support through all stages of the mortgagee sale process. We offer a free consultation service where we will assess your financial situation and advise you of the options available to you. We will help in anyway we can as we understand the pain and suffering these situations can cause.  

Here are some options we cover with our "Mortgagor Rescue Package"

• → Applying for a second mortgage to repay the arrears
• → Finding a family member who can help or guarantor
• → A full refinance option to help you out before refinancing back to "bank rates" at a later stage
• → Sell the property without the title of "mortgagee sale"

In the past we have been able to negotiate with home owners banks and creditors to extend expiry dates and have consulted with the banks lawyers to ensure we have all the information to help you. With over 20 years of commercial banking experience and 10 years as a mortgage broker/advisor I have helped save 53 homes from mortgagee sale and hundreds of thousands of dollars in equity - I may be able to help you.

For a free consultation and advice on your situation, Call Steve McGowan - Mortgage Broker/Adviser on 0800 77 LOAN (0800 775 626)