Are you aware that a number of business are approaching those home owners who have mortgage related problems? They claim to provide quick money by selling the property at below market prices. If you are in such a condition, here we list some tips which may be helpful for you. Be advised that these are general tips so you might need to consult experts like those available on FIDO, the consumer web site of Australian Securities and Investments Commission (ASIC). FIDO has pages which can provide information about management of loans and mortgages as well as protection of your wealth.

You should start with trying to get independent advice. There are a number of financial advisors and legal assistance plus consultation service providers which can be contacted.

• At the very outset check what is your position according to law if you fail to clear the mortgage.
• Seek out which debts need to be paid faster.
• Create a budget to get an overview of your financial status.
• Check if you can get any short term mortgage relief loans
• Find ways which help you to pay a bit more money so you can get out of the mortgage a bit faster.

Our Consumer and business directory has some contact information of experts you may contact.

The next step is to contact your lender and see if you can wrangle out a better deal.

• Discuss your situation truthfully.
• It may be possible to extend the repayment term or reduce the repayment amount. It might even be possible to suspend your repayments until you can get your finances sorted out.
• Check out if it is possible to downgrade your loan plan, though you may be charged a fee for it.
• In case this fails see if you are eligible for Consumer Credit Code hardship variation. You would have to move to a court of law for getting the hardship variation.
• In case you do not think that your matters have been dealt fairly, you can make an appeal to the concerned ombudsman or dispute resolution authorities.
• All the while do not forget to continue with repayments.

Be careful about refinancing. Here are some considerations which shall be very important in your refinance procedure.

• Check the new lender’s background. Better to opt for a lender who is under the jurisdiction of any external disputes resolution system.
• Stay away from high pressure sales tactics and make sure that anything suspicious is not going on. Check the documentation thoroughly.
• Grill your new lender and procure all information about the fees and other charges. Compare them to the interest rates and try to strike the best balance between the two
• If you have any doubt, seek third party advice before you sign anything.

The last and most painful thing is to sell your home. Resort to this only when all other doors are closed.

• On the positive side sale means that you get money enough to start all over again provided you make proper sale..
• Get various agents to value your house.
• Do market research before you make the sale, look for the best price.
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