Mortgage Protection Insurance Sales - DOC

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Mortgage stress tips
           Contact your lender before you miss a payment, to work out a
            repayment schedule. Banks must follow a code that requires them to
            be understanding of borrowers’ circumstances in a default situation.
            Additionally, if the default is due to health or job termination, the
            bank may agree to a "hardship" variation.
           If the only option is to sell, it is better to control the sale yourself by
            appointing your own real estate agent. Statistics suggest mortgagee-
            in-possession sales yield prices 15% - 20% lower than voluntary
           Superannuation can, with the approval of APRA (Australian Prudential
            Regulation Authority), be released in financial emergencies. This
            includes a pending mortgagee in possession sale of a principal place
            of residence in circumstances of severe financial hardship.
            Applications for early release of super can also be made if the
            financial stress is from the cost of medical treatment not available in
            the public system.
           Income protection and mortgage protection insurance. Income
            protection insurance will provide income replacement in the event of
            illness. Mortgage protection insurance covers mortgage payments in
            similar circumstances. Check your policy and contact the insurer if
            you think you qualify.
           Statistics show only a small percentage of people who fall behind in
            their mortgage payments have their homes repossessed. Most
            recover with the assistance of their lender.

For legal advice or help with an application for early release of superannuation,
contact Peter Carter at CCL LawSpace on 1300 552 908.

- by courtesy of Carter Capner Law                     – for cost effective

Telephone: 1300 55 29 08

Description: Mortgage Protection Insurance Sales document sample