Hi, We accepted an offer on a block of land that we have had on the market for 2 yrs ..The condition was no 48 hour clause but close to our asking price so we went along with it as we have become desperate to the stage that our mortgage is on hold.... (we actually have 3 properties and all of them morgtaged and now all of them on the market ...one we originally owned and had 100k equity in the block, so then morgaged both to buy us a residental property)..the property was due to settle in oct we filled in the appropriate forms for dispersment of fees come Friday the day of settlement (according to our settle agent). a phone call was made to find out what was happening and the bank informed her that there was a delay but settlement would happen on the monday or possibly tues. Come the monday she phoned our lender and they said it was still not ready perhaps tues or wed, Come wed they said that the valuations came in to low (LVR) for the properties and there would be a short fall of $80,000 and unless we paid that, the settlement wouldnt go thru,after lengthy discussion with the bank they refused to release it they said had it been our other property the one we had the greatest amount of equity in this would not be a problem. In the mean time the people buying our block have filed a default notice against us and we have 10days to act on it basically find 80K and also stuck a caveat on the property...our last resort was to put our residental house on the market and cut our loses of over 1m... we cant afford legal advice have found a free legal service which im contacting tomorrow....Just want to know what happens if we dont find the money what can happen as a result... thanks any advice would be appreciated...