When times get tough, it can be hard to know who to trust. This is a particularly pertinent issue when you are having trouble with your mortgage, as there are many unscrupulous companies who will take advantage of your situation, leaving you with even more debt than when you started. Don’t be tempted by quick fix schemes and big promises, instead take the time to do your research and be aware of the dangers. If you need help and don’t know where to start, consider the following points when experiencing mortgage stress.
Who Should I Speak To?
Before you start seeking advice, it’s essential to do some research on reputable companies so that you don’t end up finding yourself in an even more distressing financial situation. Fox Symes are one of the leading providers of debt solutions in Australia, and have extensive financial expertise to help you get back in control of your circumstances. As well as quality advice, Fox Symes also offers a range of specialised home loan solutions, making them the provider of choice for many Australian families who have experienced mortgage stress.
What are the Solutions?
The strategies for alleviating mortgage stress will vary greatly depending on your individual situation. There is no simple blanket solution, and any provider who offers this should be treated with caution. Your consultant should evaluate your financial situation, including income and expenses, your current level of debt and other important factors. They may be able to help you work on a budget that will make repayments more manageable, or they might suggest finding a lower interest rate loan and consider refinancing.
The benefit of refinancing your home loan is that you can also consolidate your other debts at the same time. This allows you to combine your home loan, personal loans, credit card debt and car loan into one easy to manage total. Not only will you benefit from a lower interest rate, you will also be able to focus on only one simple repayment every month. You’d be surprised just how fast you can repay your debt when it is consolidated into one easy loan.
When Should I Start?
The best time to take action is right now! Every week that you put off getting help, you are letting yourself experience unnecessary stress and are more than likely losing money. By being proactive and taking control of your financial situation, you can enjoy the freedom of being free of the worry of mortgage stress.
The important thing to remember when you are experiencing mortgage stress is that you are not alone. No matter how tough it seems, there is always help available to assist you in finding the right solution for your situation. If you’re having trouble keeping up with your repayments or are under too much pressure financially, call Fox Symes for a free discussion on how they can help you regain control of your finances.
About the Author
Janine is a stay at home mother who enjoys about her personal finance journey. She knows all too well the pain mortgage stress can induce and wanted to share her thoughts.