More people are losing their houses because they cannot pay their mortgage. If they miss payments, the bank becomes the owner and will sell the house. Now there are about 250 mortgage sales every month. Last year there were less than 100 each month.
80% of the people losing their house are landlords who own more than one house. If they can’t pay their mortgage now, they are in trouble. About 20% are family homes and sometimes people can’t pay their mortgage because they lose their jobs. 75% of mortgage sales are in the North Island, 44% in Auckland.
People who are having trouble paying their mortgage should call their bank then see a budget advisor. There are over 200 free budget advisory services in New Zealand. You can find one by looking at this website: www.familybudgeting.org.nz or call 0508 283 438 for free advice. |