Home Loan Equity

Delay Paying Off Your Mortgage Arrears : Delaying the arrears in the maximum of 36 months continually can be made possible with 3 methods. First , make an average of the arrears and then continually pay them off monthly. Second , pay off the total arrears within specific time of agreement . Lastly ,ask to pay in specific portions in time of arrangement .

Extend Mortgage terms : You can ask to extend your mortgage period for about 30 years in order to lessen the portion of monthly payment. The general formula is your age plus the extended period that should not exceed 70 years. And, if there is arrear interest ,you have to clear it first .

Ask for More Loan to Pay Off the Arrears : This should be applied if you can’t pay off the total arrears . You can ask for more loans to clear your old debt as well as extend your mortgage terms with the general condition, which is within 3 months before asking for more loans , you have to discliplinarily pay your debt and the new mortgage should not be exceed 25% of the total amount of increased mortgage plus the balance.

Pay Only Monthly Interest : In some certain period , mortgagor can ask to pay the monthly interest . Normally , this principle will work only with a mortgagor with a good record of payment . The maximum of this payment is not over 12 months and it’s a ‘ one chance’ case .

Less Monthly Payment : The maximum of payment is not over 2 years and you can have only one change to ask for this service.

Ask for Specially Decrease Interest Rate : It can work with a mortgagor whose interest is increased from the normal rate . The debtor can request to decrease the interest rate on the date of payment , if the debtor has already paid off the arrears within one day or pay the arrears of 3 portions in one time.

Temporarily Transfer House’s Ownership to Financial institute and Redeem Later : The financial institute will normally accept the pledge with the amount of not exceeding 90% of the pledge’s value .If there is excess mortgage , you have to pay it off with in date of transferring. You can still live in that house but you will pay monthly rental payment until the expiry of the term , which is probably within 3 years since  the date of making the lease agreement . If any of the tenants would like to make redemption , the financial institute would sell the house back. The selling price is considered from balance that is deducted from ths pledge .The tenant can ask for a loan again in order to buy back the pledge.