Folks ..
a friend (NOT me *grin*) .. in need of advice and assistance … the facts ..
in PERTH … (meaning .. if ya help isnt in that city, is probably no good)
owns duplex half … 12 mins from city … valued at (currently) around 356K
owes 135K ..
in default for one payment of 650 or so (I understand) …
has some court thing that occured in past, for a further 5K in arrears …
am told interest rate being charged is way above the norm – though cannot verify – and told rate wont be reduced unlss arrears dealt with (dont know if this is correct, am simply relaying info as provided)….
an eviction notice served this week, giving 28 days …
am curious as to whether there are any options for my friend … (despite my concerns, I and others will not stump up the $) ..
based on friends income, it would appear that refinancing – even including the $ owed – on the income friend receives .. would resolve ..
friend claims nonone will do so ..
friend may be correct .. I have no idea ..
would like to point friend in right direction to get sorted asap – if that is possible ..
if not – validating that fact would also assist friend …
over to you good folk
Cheers
Tell your friend to go to one of those free legal advice centres.
If the loan is owner occupied it will fall under the Uniform Consumer Credit Code and he/she will have more protection. Maybe look that up on the web (UCCC).
Refinancing is very difficult at the moment if you are in arrears.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Friend is probably being charged at the penalty interest rate (if one applies) for having been in breach of his repayment conditions. As Terry points out – get advice ASAP.
Many thanks guys … have passed on the info and web site/s
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