Hi All,
I hope someone can help me.
I currently have 7 investment properties, between 3 lenders. 3 IPs are crossed and we are in arrears by about $16K. I have a signed COS on one house to reduce debt, but bank has now valued remaining properties and LVR has increased to 93%, from 80%. They will not release the security property until LVR is 80% for remaining houses. We have no hope of making further repayments on the loan as it is and I have advised them of that.
We thought we were doing the right thing by selling a house to reduce the debt which still remains less than the current value.
My question is where do we stand legally with the purchaser if we pull out of the deal and then what is the process of the bank taking possession of the 3 houses. We have other houses with another bank including our PPOR. Should I get legal advice? I would be grateful for your advice.
I hope someone can help me.
I currently have 7 investment properties, between 3 lenders. 3 IPs are crossed and we are in arrears by about $16K. I have a signed COS on one house to reduce debt, but bank has now valued remaining properties and LVR has increased to 93%, from 80%. They will not release the security property until LVR is 80% for remaining houses. We have no hope of making further repayments on the loan as it is and I have advised them of that.
We thought we were doing the right thing by selling a house to reduce the debt which still remains less than the current value.
My question is where do we stand legally with the purchaser if we pull out of the deal and then what is the process of the bank taking possession of the 3 houses. We have other houses with another bank including our PPOR. Should I get legal advice? I would be grateful for your advice.