Are you trying to avoid repossession of a house? It might be difficult for you to keep up with your bond repayments, but it is something you have to do. Your house is one asset you do not want to lose, especially not to the bank. You should follow all the tips available to you, but the best piece of advice is that you should put money away for the bond every month. If you keep it in your bank account or purse, you are sure to spend it. Don’t think that you can spend the money you have now; as you will get more for the bond later; that will not work. If you miss too many payments, the bank will repossess your home and sell it at an auction.
The process of an individual paying off their loan with the profits of a newly-made loan that is secured by the exact same property is known as refinancing and it’s an option when you are trying to avoid repossession of a house. If you wish to refinance your home, then give this option some thought. Making too many loans, however, is not going to solve your problem in the long run. If you have a large house with bond repayments that you can no longer afford, think about selling and purchasing something smaller and cheaper that will be easier for you to afford. So, if you sell, you won’t have to worry about making the bond each month.
An auction is not the way you want your house to go, auctioneers let the houses sell for next to nothing; your house is worth more than that. If you have to refinance, then do that, but you might want to talk to your financial advisor for tips, more advice and a second opinion. Trying to avoid repossession of your house when you are in financial trouble can prove to be quite a job.