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Selling due to Cancer

Discussion in 'The Buying & Selling Process' started by hhsskk, 17th Aug, 2016.

  1. hhsskk

    hhsskk New Member

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    My delimar is that my husband has been diagnosed with Cancer. We are without his income and consequently unable to service our investment property. The house is in Sydney and on a main road with a small block. The tenants are paying $380 pw and will soon be paying $400. My husband is to depressed / unwell to be involved in the decision process of finding an agent or conveyancer. I am finding that the decision is being left to me. I am asking for advice to find both. The house is in the Bankstown council area an we live over an hour away. Thank you
     
  2. Phase2

    Phase2 Well-Known Member

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    Sorry to hear about your husband's health.

    Can the loan be serviced if it's on interest only terms? (if bought recently I'm guessing not).

    Can you talk to the bank/lender about putting payments on hold or capitalising interest for a few months while you arrange the sale? This will help manage household cash flow..

    I can't help with agent recommendations.
     
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  3. Bran

    Bran Well-Known Member

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    Sorry to hear

    I'd call your PM, and get their office to give you an appraisal, and (potentially) giving details to the tenants as to why, see if they want to buy it.

    Listing a property isn't too difficult, it just depends if the tenants are on board
     
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  4. legallyblonde

    legallyblonde Well-Known Member

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    I agree that you should talk to your bank to see if there is anything they can do.
     
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  5. Shawn

    Shawn Well-Known Member

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    Have you looked to get a condition of release from your husbands Super fund?
    Did he have TPD insurance ?
     
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  6. mcarthur

    mcarthur Well-Known Member

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    Ask bank for a time away from making payments. Gives you time to think, to breathe, to get advice.
    Brokers may be able to help (ask around on here)?
     
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  7. MTR

    MTR Well-Known Member Premium Member

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    sorry to hear this.

    First step, get an appraisal as mentioned, if the market is strong then with current stress on your plate I would be offloading.

    all the best

    MTR:)
     
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  8. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Agreed. Look at super. Even if people don't have personal insurances, there's often something in the super fund, most have income protection which could be relevant. Life insurance policies often have a one off payment built into them for specific events.

    This could give you the funds you need to make it through. In the longer term people still will need to have investments to plan for your longer term future. The next year or two will have it's challenges, but don't forget about the big picture either.
     
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  9. MTR

    MTR Well-Known Member Premium Member

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    good points
     
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  10. hhsskk

    hhsskk New Member

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    Thank you we have only know about it for a few weeks and there has many specialist appnts. We are starting to panic as hubby has not worked for 3-4 weeks and he was working as a contractor but his boss is having tax issues and has now refused to pay last fortnight pay.. anyway we will approach RHG and see if we can freeze the loan for a short time. We will approach his superfund and as far as we know there is no income protection as he was working for himself and had not set up regular payments. Unfortunately he/we were not so well prepared for this
     
  11. hhsskk

    hhsskk New Member

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    Thank you we will talk to RHG
     
  12. Esh

    Esh Well-Known Member

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    Hey @hhsskk, all the best. I know an agent who services the area. His not pushy and will give you the right advice. I'll pm his details to you. All the best with everything
     
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  13. larrylarry

    larrylarry Well-Known Member

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    Sorry to hear the news.

    It's not uncommon that there are lot of people who have super but do not income protection and Total and Permanent Disablement Benefits. Have a look at the last Super statement or call the Super on your husband's behalf. They will send you the necessary application forms to complete. The forms will require doctor's reports, test results etc. Super will do their own investigations and hopefully, they will pay. Expect to wait for a period of time before insurer and trustee make the decision.

    If you are stuck, just PM me.

    Again, sorry to hear about the news. Stay strong.
     
    hhsskk likes this.