I have two properties bought from one of the more infamous spruikers in QLD Cairns all sold under the guise of investments for your future etc
I am highly negatively geared.
both are underwater
one bank owed 120k prob sell for 120k
one bank owed 290k prob sell for 220k with a 60k second to the dodgy vendor.
Some of you will guess who this is,,,,,shes been covered in fairfax print a lot.
I owe nearly two years of body corp and rates on each.
They are mtge insured and the mortgages are held by a big but unfriendly yellow bank.
I cant keep paing all these outgoings
what should I do?
How does with work with a mtgee sales re the overdue rates and bc monies?
Hi Tong
Sorry to hear about your predicament,.
Perhaps it's best to sit down with a legal professional to discuss your options.
Where are you located?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Buddy, it sounds like you have dug a massive hole.
Google; "Dominique Grubisa"
Think she has a company called "Aussie Debt Rescue" .
May be able to help.
I assume the properties are held personally?
You may be able to go the spruiker for various misrepresentations, but if they are not clear cut it can be expensive and if you lose they can go you for costs.
You need to sit down with a lawyer and get them to best extricate you from this situation. They may be able to negotiate an outcome where the properties are sold and you are left with a personal loan that you pay down as an alternative to having the bank take the properties and then go you for the balance. Possible personal bankruptcy issues here, or at best a huge wack to the credit rating.
You are going to have come up with money upfront for the lawyer and put in their trust account would be my guess.
good luck.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
You can only seek legal advice I would also suggest you talk to the bank. Rarely do banks want to take properties back especially when the values are not there. My experience is if you are in trouble ask the bank for a deal, they will often comply
This is why doing your due diligence is so important before you buy. If the only advice or due diligence is the agent or marketing company the you are playing with a loaded gun.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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I'm Curious as to who this spruiker might be.
http://www.smh.com.au/national/investors-lose-millions-20121027-28cnh.html
http://www.smh.com.au/national/buried-in-debt-after-property-promises-fail-20121029-28drp.html
I bought mine about 6 or 7 years ago
These people pretty much have sunk the cairns market with so many victims it has depressed the whole market there.
One I bought was sold as a 4 bedroom unit ,i did buy unseen and it turned out it was student accom for southern cross university
Just about all the units in the block have gone mtgee sale
They even had an associate managing them so body corp rates were enormous ,BC was paying for an onsite mgr who actualy lived in sydney
Take your pick there are lots of these companies, financial planners, accountants all who flog these things I have heard that some of the house and land people are paying as much as $50,000 commission in Cairns. Thats why before you do anything do your due diligence carefully.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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I hear you Nigel but read the links i sent,great advice after the fact
These people were pretty slick ,with call centers,slick financial planner types and mtge brokers.
Many people with little experience got very burnt.
Perhaps as a group owners of sites like this shld have an area on the site that outs people like this.
I get a lot of spam mail from another QLD guy who promotes 1.00 property options as the way to make millions.
Thankfully some smart journos at fairfax did a couple of articles on Myall and Kotsis as per links i put up ,but they never followed it through.
Back to my situation
I cld go to a managed sale process.
The Mortgage insurer will cover the bank.
I guess it will be a negotiation with them later.
One other piece of advice I would give is dont have all your properties with one Lender.
I am behind on the large mortgage but the CAN bank wants to force sale on both even though the smaller mortgage is current..
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