Hi all,
This is my first post on Somersoft and unfortunately not a happy one so please be gentle.
I have 2 lo doc loans 1. Rams Lo Doc 90% 2. Challenger Lo Doc 80% on ppor.
I read with great concern that lo doc/no doc loans are pretty much a thing of the past which has dire consequences for my strategy in going forth and has left me all of a sudden with no where to turn i.e regarding refinancing.
I am in an absolute bind. Due to circumstances my income has been reduced to virtually zero of late, I have a lot of other commitments i.e bad debt and the time has come for some drastic action to avoid going under or having to sell ppor.
What I am thinking of doing is to try to strike a hardship deal with those 2 lenders to give me some breathing space to get things back on track with regards to my income and payments etc. This would also involve me moving out of my PPOR and renting it for a while to help things along.
I guess my question is, if I take the "hardship" option, and have to "bare all" with regards to my actual current financial situation (which isn't good), is there a possibility that either lender might "call in" their respective loans and force me to sell. Also, what are other potential repercussions i.e. CRA etc etc.
On the up side I guess I know that if I could get 3-6 months breathing space I am confident I can trade out of this dilemma without have to sell either property.
The other thought I had is that there is enough in my super to get me out of this situation if I could get my hands on it. Thoughts?
I'm seriously stressed about this situation and any advice or thoughts would be welcome. No lectures if you can help it, I've got enough stress going on.
Thanks very much
Higgins
This is my first post on Somersoft and unfortunately not a happy one so please be gentle.
I have 2 lo doc loans 1. Rams Lo Doc 90% 2. Challenger Lo Doc 80% on ppor.
I read with great concern that lo doc/no doc loans are pretty much a thing of the past which has dire consequences for my strategy in going forth and has left me all of a sudden with no where to turn i.e regarding refinancing.
I am in an absolute bind. Due to circumstances my income has been reduced to virtually zero of late, I have a lot of other commitments i.e bad debt and the time has come for some drastic action to avoid going under or having to sell ppor.
What I am thinking of doing is to try to strike a hardship deal with those 2 lenders to give me some breathing space to get things back on track with regards to my income and payments etc. This would also involve me moving out of my PPOR and renting it for a while to help things along.
I guess my question is, if I take the "hardship" option, and have to "bare all" with regards to my actual current financial situation (which isn't good), is there a possibility that either lender might "call in" their respective loans and force me to sell. Also, what are other potential repercussions i.e. CRA etc etc.
On the up side I guess I know that if I could get 3-6 months breathing space I am confident I can trade out of this dilemma without have to sell either property.
The other thought I had is that there is enough in my super to get me out of this situation if I could get my hands on it. Thoughts?
I'm seriously stressed about this situation and any advice or thoughts would be welcome. No lectures if you can help it, I've got enough stress going on.
Thanks very much
Higgins