Help for homeowners in mortgage stress
In January 2009, the New South Wales Government launched a new guide for people suffering mortgage stress. More than 1,500 homes were repossessed last year.
Attorney General John Hatzistergos said The Mortgage Stress Handbook, produced by Legal Aid NSW, offered practical advice for anyone in danger of losing their home or experiencing financial difficulty. “This is a valuable new resource which informs people in mortgage stress of their options and includes information on where to turn for further assistance. If you are having problems making ends meet, the best thing you can do is know your rights and act early”, Mr Hatzistergos said.
The Handbook covers a range of scenarios, including advice on what to do if: you have missed a loan payment, your financial lender has contacted you, you have received a default notice, and the Sheriff is at your door.
Home repossession rates have remained consistently high over the past three years. Since 2006, the annual number of repossessions has exceeded 1,500, which is almost three times higher than in 2004, when 560 homes were taken. Further, the State Government’s free legal helpline – Law Access NSW - took more than 15,000 calls last year from people experiencing problems with debt. Please click here to download the Mortgage Stress Handbook from Legal Aid NSW