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Designed to help borrowers in mortgage distress get back on their feet, ARAP has launched a solution that continues to gain traction in the market, and is now taking direct enquiries from lenders, mortgage brokers, accountants and financial planners.
Speaking to The Adviser, ARAP’s Craig Swan reiterated that "it's all about providing a cash flow solution at the time financially distressed households need it most". Mr. Swan said that ARAP's distressed mortgagor solution aims to assist those in mortgage distress, before the lenders tip them over into ‘mortgagee in possession’.
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“The product offers distressed borrowers 'financial respite' so that they can either re-enter the market or sell their property at a later date,” Mr Swan said.
“By doing this, they are substantially better off financially than if the lender was to take action under the terms of the mortgage.”
