One of the things I have learnt from this forum is to not cross collateralise properties if possible and also not to have all your loans with one lender.
It appears that investors in NZ are learning this lesson the hard way..
By way of background; The NZ economy is not as healthy as ours and the property market is going down.
cheers
RightValue
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10583877
It appears that investors in NZ are learning this lesson the hard way..
By way of background; The NZ economy is not as healthy as ours and the property market is going down.
cheers
RightValue
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10583877
Double loan trouble
Cash-strapped investors selling up are getting a nasty shock when hardball banks won't discharge their mortgage - or take their sale profits as a condition.
Investors with more than one property mortgaged to the same bank - one of which is likely to be their home - are striking trouble when trying to free up cash. They sell a property in which they have good equity, only to find the bank demands the entire sum to reduce the investor's other debt.
......
[EDIT]Deleted due to copyright infringement and/or no attribution.[/EDIT]
Last edited by a moderator: