How Long Can You Stay in Your House Without Paying Your Mortgage?
In Australia, an estimated 30% of homeowners remain at least 30 days behind on their mortgage repayments. Although 2020 was a strange year, Australian homeowners have seen their share of economic ups and downs. In any given year, five percent of Australian homeowners remain seriously delinquent in their mortgage repayments.
Once you miss your home loan repayment deadline, you are in a position to make choices quickly.
You can stay in the house without paying the mortgage for up to 90 days. After that threshold, the lender begins the repossession process.
Lenders don’t have an interest in asking homeowners to vacate their houses. However, they must cover their losses. They lend to several individuals. A series of bad deals hurt their business and ability to continue lending.
Once a homeowner starts experiencing financial hardship, contact your lender. If you maintain a solid business relationship with your loan specialist, the line of communication remains open.
Some homeowners benefit from refinancing, forbearance, or other tools geared toward those experiencing financial hardship.
At Mortgage House, our team provides an array of solutions including our mortgage calculator. We also work with clients interested in refinancing whose home loan lives with another lender. As a non-bank lender, we provide an array of solutions.
Stay in House Without Paying Mortgage Conclusion
An Australian homeowner can stay in their house without paying the mortgage for up to 90 days. Keep in mind that many solutions exist before a lender begins the repossession petition.
Mortgage House works with our clients to find solutions. Our loan specialists remain ready to help. Contact our team today.