Foreclosure time-extension negotiated initially?

I notice that with my mortgage the bank (CBA) can call-in their money with only 30 days notice (standard clause) any time at all just because they feel like it.

I was just wondering if anybody has had any success negotiating that time to 90 days, or 120 days, in order to give yourself a fighting chance to sell before they sell you up, if that ever happens? (e.g. Like with that poor service-station owner in outback Queensland recently, where the bank suddenly decided it didn't want to be exposed to outback service stations anymore, and called in all his loans in 30 days. He went bankrupt even though his assets were valued at much more than his loans. He may have been OK if he had a couple more months notice. (He would definitely also have been OK if he had his loans split between two different lenders, or three... but that's another story.))

It would be handy to give the negotiating of a time-extension a try with the next mortgage... Or should I forget it for the usual reasons...:rolleyes:
Thanks. :)
 
Yeah forget about negotiating it - although in normal cirumstances the bank will give you more than 30 days. In most cases they tell you to sell before enforcing that clause
 
any variation to sausage factory usually not accepted

However, with the current chase for business lenders may be open to anything

t
arolf
 
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