Being the beneficiary of real estate is one thing but you also inherit the outstanding mortgage as well.
With the first priority funeral arrangements, settling debts of the deceased is often an afterthought.
Many people in this situation have no option but to sell the property to pay out the existing mortgage, specifically when the lender calls in the loan and assesses your ability to make the mortgage repayments.
As often happens, your sole income alone is often not enough to pay the home loan.
Many people want to stay in their property at all costs, especially if it’s the family home.
This can cause many to fall into arrears, making it difficult to then refinance your home loan and get access to cheaper interest rates so you can continue paying your mortgage.
We have lenders that can help you if you’re in this situation so please call us on 1300 889 743 or complete our free assessment form today.