Expired Mortgage
The expired mortgage has become a regular feature of the property market after the credit crunch. While we might be officially out of the woods in regards to the recession, that hasn’t stopped a tightening of credit controls affecting the finance market. With expired mortgages a recurring problem, more property owners are struggling as their mortgages come to the end of their term. This essentially means the time frame the lender has given you to repay the debt is coming to an expiration date.
Once this date has been reached, the lender gains greater powers over the property should the debt not be repaid in full by that date. The lender may move to repossess the property through the courts.
One root of the expired mortgage issues is the interest-only mortgage model. Many property owners mistakenly believe this mortgage cannot come to an end as they are only paying the interest on the loan. Another forthcoming issue is the collapse of many of the financial institutions that originally supplied the loan to purchase the property. Should you have missed a mortgage payment over the years, you may also find yourself at a loss for a lender willing to supply finance. Tighter regulation after the credit crunch also makes it more difficult for older borrowers to access finance.
Expired Mortgage Solutions
If you are a property owner with an expired mortgage, the obvious solution will be to inquire with the lender for an extension. Should you be turned down for any of the many reasons stated above, you may have hit a brick wall. Immediate bank claims can assist you with your options moving forward. A quick call to us will bring clarity to the situation and help form a strategy for moving forward. Immediate Bank Claims can assess the situation as well as structure a relevant solution.
If you are about to reach the expiration date of your mortgage, please contact us now. Should the situation escalate and the lender move to repossess the property, you will encounter further difficulty and fees.
Contact Us for Immediate Help and Confidential Free Consultation!
Further Reading:
This is Money discusses an individual case of an expired mortgage: