Western Sydney is showing a big rise in the number of writs for possession. Figures from the Sherrif's Office also show an increase in the number of writs being enforced, and show the numbers have been rising six or seven times since 2004.
Consumer Credit Legal Centre Lawyer Katherine Lane says calls to the centre have increased dramatically and urges home owners to act fast to protect their homes.
Ms Lane said that, in general, lenders sell repossessed property for less than if the owner had sold before repossession.
``Plus, there is usually $20,000 or more in legal fees incurred by a lender that the homeowner would have to pay,'' she said.
``The lender is more interested in moving the property than the price it will fetch. Homeowners should seek professional help as soon as possible when it is easier to do something about it.''
Recent predictions from Fujitsu Consulting and Wizard Home Loans that a million households will be in mortgage stress this year are also backed by Ms Lane, with warnings that people are being lent more and more money today for their home loan with no buffer in their budget for interest rate rises.
Join the discussion on Repossessions
|