Need help with mortgage arrears - substantial equity in home

Thank you everyone for your thoughts and advice. I have just left a message at Richard Taylor's office and also spoke to someone at FoxSymes. I intend to pursue every possible lead until it is solved, but unfortunately also have work I need to be doing in between the inquiries I make.
It is beyond mediation etc, in fact everytime I write the solicitor for the bank it costs me about $500 as they charge me to read the letter, then charge me to consult the bank, then charge me to reply. Of the $9500 outstanding, less than half of it is actual arrears and the rest are legal expenses.
For those of you cracking the lawyer jokes, many (but I'm sure not all) of us are hardworking people who frequently undercharge our clients and wind up with this sort of problem as a result. Please stop with the insults....if you think I'm happy in this situation, finding myself at middle age having worked extremely hard for 20 years, think again!

 

I hope you get it sorted out. It's not a nice situation to be in.

 

Sell something? a car? $9000 is not a lot of money compared to what you could potentially lose. I only think people are having a gentle dig is because no one should end up in a situation like this, you really need to seek help the moment you see things falling behind. Best of luck.

 

@meinsydney This is not something I wish for anyone to be in either.

It would appear that there is more than $9,000 owing as the bank isn't even coming to the table to negotiate.

As other have mentioned either delay the retaking possession through leasing it whilst you get more money. You can also sell something the avoid this like a car or perhaps some misc gadgets you have around the house (it all ads up).

I know that I could easily get a quick 1-2k just on the extra consoles and computers I have laying around the house. Couple hundred for a spare bed that is just sitting around, another couple hundred for a treadmill we don't use (prob should). Couple hundred for an ipad. It all ads up.

If you sold some smaller stuff and if business is doing it a bit tough you might also see if there is any place that needs a delivery driver or night worker to get a couple $00's a night. Even if you got $200 pn (cash) it would take 45 nights to make back the $9k without selling anything. However if you did it for 2 weeks then you would have $2800.

Also look at maybe doing an AirBNB for a temp time to help with the extra income?

So if you did something like above it would work out;

Sold
Computers/consoles - $2k
Spare Bed w/mattress - $500
Treadmill - $200
Ipad - $300
Selling total - $3,000

Work 14 shifts @ $200 - $2,800

That would give you about $6k + whatever AirBNB was able to achieve.


I know it isn't an ideal way but desperate times call for desperate measures as I would do this if I was in your position (yes even if I was a lawyer and had no work to do).

 

Fact. Women tend not to have as much in their super as men.
Fact. Women tend not to earn as much as men.
etc etc

 

Fact, self employed people tend to have less money in their super.
Fact, even if you combine all those things, you'd assume that she would still have at least $9000 in her super if she has been working for 20 years!

 

I could cash advance 9K right now from my credit card. Being cynical I think there is far more to this story of woe then we are being told.

 

I completely agree @THX

However I had assumed the CC was maxed.

 

I know about this and yes it is a concern for me (even though I am male). Sad part is that if my wife and I broke up my super is about double hers in size and she is older than me (just). This is because 1 I had a higher paying job, one year I was on 120k p.a. compared to her 50ish k (not equal jobs incase you think I was getting paid more than double...) but also we had a baby about 1 year ago and she didn't work for 6 months and for the last 6 months been working 1/2 weeks.

Meanwhile I have worked fulltime for the last year.

I don't have an answer on how to fix this, do you?

If we get the government to pay super to mums whilst on maternity leave. Then comes the question of how long, how much etc etc. If you leave it up to businesses to pay for it then women are less desirable as a small business couldn't cope for x years on leave. Also what about a self employed couple, they might reduce the husband's earning to 30k a year and increase hers to 70k or even 100k (assuming they paid 50k each before). So this is open to abuse...

If you pay women a higher rate (say 12%) whilst working instead of 9% then again who pays the 3% either the tax payer or business and guess what makes women less desirable again... which then argument of equal pay too.

 

Maybe just sell the house and walk away and rent,because the ATO combined with the way Banks work and the power they have ,if the Sydney real estate is going gangbusters then that may be the only way out otherwise it will get very costly and complicated very quickly from now..

 

There is not far more to the story than you are being told, and if you aren't here to help, please don't clutter the thread with judgmental, non-helpful posts! I stated in the OP that my credit rating is shot, so it shouldn't come as a surprise that I don't have a credit card. What I do have is $200k+ in equity in a home I am desperately trying to save myself from losing. You can have substantial equity in a home and still have a bad credit rating.

 

Dear Meinsydney,
I do wish you well, and know that you must be a resourceful person, Just because you are asking for assistance, you are the type who will ask, and ask until they find a solution! There are 'people' who get to a point and then sink under the weight of things, not you!
so good on you!

 

Multiple people here have offered you advice and help. Maybe you really do have no assets at all other than your home, no credit card, no friends, no family, no savings, no super. The only thing I know for sure is I have a right to wonder about your story.

 

What car are you currently driving and where are you located?

 

If you have nothing better to do with your time, you can wonder all you like! As bad as my situation is, I must say I do feel sorry for you to have nothing better to do with your time than come on to a thread like this and post about people having no family or friends. If I had the free time you obviously have, I'd spend it doing things I enjoy, but perhaps trolling and insulting people is something you do enjoy.

 

Thank you! I have everything I have worked hard for for 20 years at stake and I'm not going to let that go easily. To say this has weighed me down is a massive understatement, but all I can do is continue to try to find a solution.

 

It shocked me too.....the total figure including enforcement and legal expenses is $9561.00, of which more than half is their legal expenses.....and I paid them $19750 between March and July.....was giving them an average of $1000/week, so was flabbergasted that they wouldn't negotiate....I wrote their lawyer saying I had demonstrated a determination to repay the arrears and was only about 8-10 weeks from clearing them, that I proved my capacity to service the mortgage going forward etc, and all I got from that letter was another approximate $500 added to the amount they are seeking. I've spoken to quite a few brokers today and they say they have seen banks do this sort of thing before.

As for things to sell, I have few material possessions and my work is now quite busy which is why I was able to give them so much over such a short period....my work often involves already working nights, early starts and weekends.

And thank you so much for taking the time to try to help me....I really do appreciate it.

 

I have spoken to a few brokers today and it seems refinancing will not be an issue in the longer term given the equity I have in it versus the debts I have combined with the income I now make. I love my house, couldn't rent for less and really don't want to lose it!

 

All I can do is offer my empathy to you.
Im sure you can get through this, there must be finance Companies willing to pay off your loan with the bank taking your house as Security surely ?

Please update us as you go .

 

I an not insulting you, I am questioning whether your situation as explained is the full story.