Need help with mortgage arrears - substantial equity in home

Back to the OP, it seems like you are trying to find $9,000 to appease your current lender, with the assumption once this is done you could continue on as before?

While this may work, I would suggest refinancing to another lender and starting afresh. While the nonconforming lenders have higher rates, the monthly repayments will be similar, or less, and you can focus on your business. After 12 months of good conduct you can refinance back to a mainstream lender.

 

Facepalm......

 

I've got this Nigerian prince who would love to speak to you.

 

Relax with the negativity dude...

 

Today's update!
To start with I just want to say thank you so so much to all of you who have taken the time to provide me with advice, guidance and support. I have never been through anything like this before, and really didn't know where to turn when I first found this forum and can't tell you how glad I am that I did find it and how much I appreciate all of you who have taken the time to try to help me!
First thing this morning I lodged a dispute online with the FSO. I got an email reply with a reference number....it says they will provide the bank with a copy of my complaint, then wait for their reply (they have til 3 September to reply) then they will contact me. Though it may not be a long term solution, it has left my nerves a little less of a mess as now I don't have to jump every time I hear noise outside the house for fear they're trying to serve me with a legal document. I also went into a branch of my bank today to figure out how to use their online banking to get a better idea of what makes up the outstanding balance.....these are the figures as of today, and I don't have another repayment due until 7 September so they won't increase any time soon.
Total arrears with legals $8402
Legal fees $4789.13
Arrears $3612.87
I'm hearing all of you about refinancing, and the reason I'm not rushing into it at the moment is because I am in such a panic at the moment that I don't want to make any big decisions until the crisis is over and I'm able to think more clearly. From the quote I got from one broker yesterday it would substantially increase my repayments, from about $1750-$3200 a month and for obvious reasons I don't want that to happen. I've had little free time today to do anything other than what I got done but hope to have some time tomorrow afternoon to get some more options to consider. Please keep the advice coming, I truly appreciate it.
Edited to add.....I also spent some time 2 nights ago looking at the listing of houses sold in my area over the last 12 months and think that realistically I have about $300k in equity, which means it is about 1/2 mine....lol. But I have no doubt if the bank gets a hold of it I will never see that equity.

 

Do you know whether they will stop action if you catch up to date completely?

 

We made an offer on this deal within 4 hours of receiving the application but to date have not had a response.

Trust me the Bank and their Solicitors will not be wavering from their possession date.

 

On a without prejudice basis they have stated they will, though the way it is worded is all a bit odd, though probably standard legal terminology. Problem is on their last "offer" it has to be done by 28 August. Even without help, I will likely be pretty much caught up on arrears by then, but won't have paid off their legal fees.

 

I'd be interested in seeing the basis of your complaint.

"The lender wants to repossess my house under its power as mortgagee (because I'm in arrears and a serial re-offender) and it's just not fair."

I find it strange that as a solicitor (and past barrister ) that you are unsure if they are using 'standard legal terminology'.

Then terms like 'pretty much' and the several 'lol' through the thread head to light what type of solicitor you are? I bet my crushed left nut you are a 'fight for fair' personal injury lawyer as a one chick band.

I'd take the small hit and use Richard Taylor's offer and get the lender off your back and work on getting back on track ASAP. Edit: Spludgey pointed out I read it wrong. Still doesn't change the fact that you need to cough up the $$$ instead of delaying.

pinkboy

 

I had read it as though KeinSydney was working with Richard already and they had submitted the offer to the bank?

 

You're right, it does read that way. Apologise. Lucky I'm not a lawyer!

pinkboy

 

Great news.

 

You really need to find new hobbies....how terribly sad you spend your free time in this way. You won't see my complaint, you make assumptions that are incorrect and you spend way too much time thinking about me and my situation. Surely you have better ways you could be spending your time?
Now hitting the ignore button so I no longer have to read your useless and pathetic comments.

 

You are also now on ignore....you are just cluttering the thread which is full of great people offering great advice.

 

You must be some tenacious solicitor/barrister to let a couple of forumites get to you so easily.

At least I stab in the front.

pinkboy

 

It's becoming a long ignore list, Pinkboy, myself, the bank, the ATO...

 

Me .

This thread reads like a cry for sympathy rather than help.

 

Well done,but just from the sidelines i know several Barristers -Legal people that were wiped out in the mid 1990's some had several properties,equities ect,just their business models went into reverse no one was walking into their chambers and everything imploded,then the bank moved a new manager into their area they get a simple letter,YOU HAVE THREE MONTHS TO FIX THE UP OR "WACKO"no in-betweens pay or we will sell you up what's happening to you is no different to what happened back,
you will work your way through this and come out the other end a stronger person as I say to so many people just a bump in the road,or understand this simple quote from a person a lot smarter then me..Academia is to knowledge what prostitution is to love ,never ever give up good luck..

 

If there was 300k in equity you would still see $250k back.

I have to assume the house is worth 600k with a loan of 300k making 300k equity.

So if the house sold for 580k after the loan there would be 280k less 10k for arrears and legal - $270k less REA fees making about $260,000.

Even if the house sold for 10% less (540k) you would still walk way with about $200k

 

You are the one coming across as being desperate for attention. Not to mention more than a bit obsessed and stalkerish. Putting you on ignore.