Need help with mortgage arrears - substantial equity in home

I will be contacting them at my first opportunity tomorrow! Thank you.

 

Why are you interested? And how is it your business? I'm getting awesome help and advice from many on this thread. You are not one of them....lol. Do you not have any fun hobbies or is this it?

 

The reason he gave me the quote at $20k was because over $6000 of it goes to application fees, their legal costs and interest all taken out from the beginning leaving me just over $13000.00. I agree some good legal advice would be helpful. Whether people are skeptical or not is not really my concern......my goal is not to appease every internet troll, it is to save my house. I'm not going to put my whole personal life or financial issues out here on a public forum. Good people on here have gotten the picture and have referred me on to appropriate places which I'm very grateful for.....my original post is quite detailed. It seems there are a lot of busy bodies that have no intention of offering me finance or suggesting appropriate lenders, but rather are posting here merely because they get some sort of odd pleasure out of ridiculing someone going through a hard time....do you really think I should be answering questions of those people? I am in Court tomorrow and have 2 matters in Court on Friday, am under enormous stress at the moment and need every spare minute to try to sort this out.

 

And that matters so so much to me....not....lol.

 

I would be contacting people that are solicitors themselves (others you deal with?) you should really be able to source private money I would think.

I do not see a second mortgage as possible. Why would they agree.

As an outsider, speaking to financial people is one thing, but I would be looking at experienced legal people in this area, I can think of many things myself that could be done, and going on what is written here, if there is nothing more to it, then being reasonable toward your efforts would seem a min requirement of current lender.

At this point, I would say calm down, remove yourself from this in a personal way to clear your thought process, and work through it as if it were a client you just landed and must help.

 

I had the same thing "meinsydney" , when I would post I would get these busybodies asking "why" questions to my every post like they were trying to prove something.
I decided to use the "ignore" button on about 2 or 3 of them and now dont see their posts.

Just click on their profile and press the ignore user.

 

I doubt the lender will have breached any type of law and going to Ombudsman will have little effect. They are pursuing their right.

So let's get this straight:

Your mortgage payments are only $1,750/month

You are currently $9.5k ($4.5k payments (2.5 months) and $5k legals) in arrears.

In March you were $20k+ in arrears which you paid back in a 4 month period, still leaving you with the above situation. Even if of that $20k was normal monthly mortgage repayments, $13k must have been arrears and legals. 6+ months worth. If the $20k was arrears alone, that's 10+ months.


You know what your problem is with the lender? You're a serial non payer of your contracted debt with said lender and have been for some time. I'd stab that you have been in arrears for longer than 12 months, and no wonder the lender is getting nasty. Numbers don't lie.


pinkboy

 

The $20k included monthly repayments.......the arrears started at $8000+......legals brought them up to $13000. I have queried the numbers and asked for a break down but didn't receive it. I am going to go to the bank today and get a printout of what has been added to the account.

 

Done!

 

This person believed our forum has enough credibility to ask for such advice.
Just because we do not get the answers we wish for doesn't mean we should ridicule them and try to have the last say...

 

Not sure if this is directed at me or at MeinSydney, as I feel that she ridiculed us more than we ridiculed her.
But anyway, I haven't responded to her last three quotes of me, so if this post was directed at me, I don't think I'm trying to have the last say here.

Plus, it does seem as though there was more to this story as @THX and I insinuated and MeinSydney initially denied.

 

Sorry didn't mean to offend. I am not a property lawyer - and you don't need a property lawyer, but lawyer specialising in mortgages. I wouldn't advise in this area, but would suggest bransgrove lawyers in Sydney. It might be worthwhile to book in for a consult as the small cost could have bigger savings.

I think the suggestion of Elives is excellent - make a complaint to the COSL - they have anew name now, can't remember what it is.

 

And what did they say?

 

Maybe also start looking at the National Consumer Credit Protection Act 2009 and the regulations

 

i'd say 99% of the time its the borrower fault not paying the repayments. even it being the borrowers fault the second you lodge a dispute it freezes the process and generally delays banks repossession from 1 week - 3 months. as the ombudsman job is to find a solution and are there to protect the consumer not the lender.

 

That's a pretty good way to buy some time

 

Even delaying 3mths is not going to help the OP.

Delaying the inevitable, and in the process, possible further enforcement action.

Simple: Borrow the funds from another source, sell, or wind up the contract with the lender by default.

2 options are viable without too much damage. The third has long time consequences.


pinkboy

 

Asking rather simple questions of her only to be met with derision and defensiveness raises eyebrows in my opinion. Like spludgey, I see no need in responding to her any more. Good luck to her, she has been given plenty of advice here.

 

Hi everyone

Only just read this thread . Meinsydney appears to have asked their questions in good faith . Do they need to give a war and peace length description of everything that happens ?

Why can't people take their post at face value and answer if they feel they have something to add .

Lighten up guys ...

Cliff