TT It's not our fault

emu

emu

Another Today Tonight story ( i know, but there's nothing else on)
http://au.todaytonight.yahoo.com/article/5537392/general/hung-dry

They have only being in OZ for 8 yrs and developed a IP porfolio of 4 mill and this time it's not the banks fault it's the developers fault...............that's right the developer who is building sydney's desalination plant is currently driving piles into the ground, which is creating enough noise to keep tenants away from thier IP's which are all in the same area.

STIFF................Lesson No1 ( don't put your eggs in one basket)
 
Just sounds like a bit of bad luck. If there was any damage to the properties they should be compensated by the contractors.

But not much you can do about the noise.
 
Typical TT rubbish.
"A couple who are millions of dollars in debt after the government started to build a massive desalination plant next door"
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They were already massively in debt to start with
"(Currently we owe the banks and investors,) a little over four million, scary, yeah," The Clarks have been unable to meet mortgage repayments. Now the banks are calling in the lot,
Click to expand...

$4 million debt on 4 houses. Crazy!!!. Now they are trying to blame the plant for all their problems. They just put all their eggs in the one basket, over extended, and now are in trouble. I thing the GFC would have also impacted the property values as well.
 
"the $1.9b water desalination plant being built just a few kilometres away."

To TT that could be up too 10k's away, but even at 2km's the number of house's involved would be staggering.
 
I think they would have been goosed even without the desalination plant.

They live in Kurnell which is on the south eastern side of Botany Bay. It's always been earmarked as an industrial area. Caltex oil refinery is there, as is a giant sand mining operation and various other unsightly industrial businesses. The planes landing at Mascot airport fly directly overhead every 5 minutes. There are large oil storage tanks maybe < 100m from houses.
I believe the state government has taken control of the area (off the local council) and has restricted building in the area because they do not want an increase in population density due to the logistics of evacuating residents in case of emergency eg. plane crashing / terrorist attack on oil refinery / ships etc. On top of that the land is dead flat and only about 1 metre (if that) above sea level for the entire suburb. It wouldn't take much to flood the entire area. The suburb was originally a little fishing village and contains mainly fibro shacks with low socio-economic residents.

There was a spate of new home builds in the street facing the water / beach during Sydneys property boom, before state government took over, and alot of McMansions were built. Now with the new rules these places are having trouble selling surprisingly.......

The desalination was just another nail in the already built, about to be buried coffin.
 
sounds to me like someone didn't do their DD, started a BFO development using OPM, lack of DD causes tenants to go AWOL, so they called TT.......why?
 
Wayne sums up, "We're not liars, we're not trying to defraud anybody, we're just trying to live an honest life and bring our kids up the best we can."

At the expense of others too I might add.

Whether they`re still doing it today, don`t know, but this same couple have fleeced unwary investors tens of thousands of dollars.

In two known cases they took deposits for a number of properties in Detroit Michigan USA. Approx 100K and told the would be buyers the deals fell through and all money was lost.

"(Currently we owe the banks and investors,) a little over four million, scary, yeah," said Renae.
The poor girl..

I wonder which part of the 4million is owing to investors of this US property scam???
 
Could not agree more......buying multiple houses in one suburb is just plain stupid.

Who the hell told them to borrow so much!! Get real!!!:p

STIFF S^&T!

emu said:
STIFF................Lesson No1 ( don't put your eggs in one basket)
Click to expand...
 
Wayne Clark captured on video camera the vibrations and the cracks they created in his walls

If I was Sydney Water I`d be checking the history of all his renovation and building license, if one exists. Probably has cracks in everything.:eek:
 
TT it`s not our fault

emu said:
Another Today Tonight story ( i know, but there's nothing else on)
http://au.todaytonight.yahoo.com/article/5537392/general/hung-dry

They have only being in OZ for 8 yrs and developed a IP porfolio of 4 mill and this time it's not the banks fault it's the developers fault...............that's right the developer who is building sydney's desalination plant is currently driving piles into the ground, which is creating enough noise to keep tenants away from thier IP's which are all in the same area.

STIFF................Lesson No1 ( don't put your eggs in one basket)
Click to expand...

Actually these two were born in Southern Sydney and if you judge their age you can see they have been here more than 8 years.

I would say they are trying to pull off another scam. They scammed me out of a tad under $50K.
They also scammed another couple who live a few doors up from them in Kurnell for more. Forced them to sign a confidentiality agreement, maybe paid some back as a gesture to sign.

So, Pokari, yes you are right. Who else was rorted? I don`t know but it looks like things have come undone and next on the hit list is Sydney Water.

The second last paragraph of the TT transcript says it all here. Why would you even bother to point out such a thing if in fact you were an innocent victim of the desal plant?
I don`t think S.W. or Kerry Schott are silly enough to fall for this one, Bryan Seymour maybe, and me.

Lesson No2...........(Do your own DD)
 
from the experience of a friend who split from her abusive husband (and no house repayments have been made since she left) the bank has taken around 18months processing so far and still not repossessed - her loser ex still lives in the house.

she commented to me that she used to believe those on aca or tt who would bleat about missing 1 payment and the banks moving in - but not anymore.

so, i think anyone who claims the bank just "came in and took it without notice" is a load of rot.

i think i saw something a few weeks ago on sixty minutes or aca or something about people who where having their houses repossessed over $5k cc debt and claiming they were never notified ... smells to the heavens.
 
I agree Lizzie. I went to a mortgagee auction a while ago. The owner had repeatedly ignored requests to make interest payments for 18 months. Finally the bank had enough and moved in. A year and a half!!
Like I've always said, banks really don't want your house. They are not int he real estate business, but the finance business. In my experience, they will always work with a sensible and rational owner in order to find a solution that doesn't involve a mortgagee in possesion sale.
However, it's also my experience that the seminar spruikers don't tell you that as they need you to be fearful in order to get you onto their program and learn their "secrets".
 
battler said:
What was the solution that you had to use to avoid a repossesion?
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Never been or will be in that situation, but have known those who have been. Also had lots of discussions with banks, too as to what their process is if difficulties are encountered.
From the discussions I've had, it seems that in many cases where the bank has stepped in follows a lengthy perios of time when the mortgagor simply buries their head in the sand and hopes the problem goes away.
They have no exit plan and no risk mitigation in place.
For example, if other strategies fail, they have the option of selling the property under their control and timeframe, rather than waiting for the bank to step in and force a quick sale, a strategy designed to look after the banks exposure, regardless of whether it leaves anything in the pot for the mortgagor.
 
Rob Williams said:
Never been or will be in that situation, but have known those who have been. Also had lots of discussions with banks, too as to what their process is if difficulties are encountered.
From the discussions I've had, it seems that in many cases where the bank has stepped in follows a lengthy perios of time when the mortgagor simply buries their head in the sand and hopes the problem goes away.
They have no exit plan and no risk mitigation in place.
For example, if other strategies fail, they have the option of selling the property under their control and timeframe, rather than waiting for the bank to step in and force a quick sale, a strategy designed to look after the banks exposure, regardless of whether it leaves anything in the pot for the mortgagor.
Click to expand...

Rob is on the money.

In addition to "no exit plan and no risk mitigation in place" I would add "no recognition that residential property requires them".

The last thing you want to do as a lender is have no option but to recover the property. Equally, various legislative and code of practice obligations mean you can't delay the inevitable for a borrower that doesn't have good future prospects.

When you take back a property, it's because everyone is out of options.
 
Some people just give up, some take a fatalistic "if it happens, it happens" approach, and some just don't care. It has'nt changed all that much, I remember more than once over hearing people in the early 90s saying they cant afford to keep the house cause they'll have no money left for other things, and they'd blame the government lol.
But all the people I know came close, and many did in the late 80's, none that I know of that worked hard 7 days and did'nt have any vices.
I don't blame these guys, but TT for being dumb enough to air it.
 
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