Everyone is elated when they realize the great Australian dream, and sign on the dotted line of their newly acquired mortgage, giving them the chance of home ownership. It is ever so exhilarating to be handed the keys to your new home, knowing you can move all your possessions inside and have somewhere to call your own, and never have to sign another rental lease agreement. These are the things that dreams are made of and unfortunately like a dream we sometimes wake up to an unpleasant reality. Sometimes it is because we have been too impulsive to take in important factors like future interest and rate rises and lost jobs.
Sometimes acquiring real estate in Sydney is easier than holding on to it for many of us. Even singles and couples are not immune to the problems that plague families trying to raise children and keep up with rising inflation making mortgages harder to keep up with. We are all affected by inflation, and once we buy a home we have to deal with interest rises that increase our monthly payments, and council rates going up yearly making life just that little bit harder for all of us. There are times that we feel we were better off when we were paying rent, even if it was high, because at least there was no house to lose or rates to pay.
However once we have acquired our real estate Liverpool and down the road we find we are overwhelmed by our financial situation, know that in the foreseeable future we will not be able to manage our mortgage, we need to take steps to address the situation before things get too far out of control. We need to take time out to speak with our bank manager to see if there is a way we can get around the problem, by refinancing, putting the loan over a longer period, or renegotiating terms if possible. If after discussions you have been successful in maintaining your home, that is wonderful.
If after all avenues have been sourced and you have not been able to meet with success, then it is time to be realistic and sell the home for the sake of your own health This way you will be rid of the mortgage and the stress that it has been causing. The longer you put it off the closer you come to foreclosure by the bank, so don’t delay, act now. Be realistic when it comes to the sale price when there is a market slump or your home will take a lot longer to sell.
