Economists are predicting that in the coming months (
This article dated September 2009) up to 250 New Zealand homes a month will be sold by mortgagees. On a positive note, 81% of mortgagee sales are properties that were bought for investment. That means only 19% of mortgagee sales are properties owned by an individual(s) who had only one property.
A New Zealand Herald article gave these five suggestions of what to do to help prevent losing your home (Sunday Herald – July 26 2009);
1. Call the bank and ask to be sent a budget sheet and statement of position form. Make an appointment to go and talk about your finances, giving yourself enough time to see a mortgage broker and prepare a proposal for managing your situation first.
2. Contact a reputable budgeting service. There are more than 200 free budget advisory services around the country and a free budget phone line: 0508 BUDGET LINE (0508 283 438).Ask whether an adviser can accompany you to the meeting with your lender.
3. Put on paper how much money is coming into the home and what the true values of the outgoings are, and put a workable budget plan into action.
4. Look at ways of boosting your income - through part-time work or taking in a flatmate.
5. Be honest and open with your bank and your advisers.
