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  1. #11
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    Default Re: Anyone know how long it takes for the bank to foreclose

    It doesnt matter if you have access to the house or not...if your name is on the mortgage call them asap it will affect your credit history. Do you know if you have any money in redraw? Do you have.this even available?

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  2. #12
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    Default Anyone know how long it takes for the bank to foreclose

    Quote Originally Posted by kayem View Post
    It doesnt matter if you have access to the house or not...if your name is on the mortgage call them asap it will affect your credit history. Do you know if you have any money in redraw? Do you have.this even available?

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    ^^this

    How long has the house been on the market? Are you in an area where's sales are doing ok?

    You should definitely try to work something out with the bank. It costs them a lot less to work with you than to foreclose the mortgage

  3. #13
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    HugsBunny is offline Once upon a time there was a bunny.........
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    Default Anyone know how long it takes for the bank to foreclose

    I can't work something out with the bank. It's been on the market 3 weeks and I physically cannot afford to pay my rent AND this mortgage. My XH was meant to be paying it. I'll call them and tell them what's going on.

    No there's no money in redraw.

    This whole saga has already cost me $25k in legal fees. I'm on the sole parent pension and XH isn't paying child support. My rent and this mortgage would be my entire pension payment as well as family tax benefit.
    Last edited by HugsBunny; 13-09-2012 at 19:51.

  4. #14
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    Default Anyone know how long it takes for the bank to foreclose

    That must be so stressful for you. Fingers crossed for a quick sale

    When I said work something out I meant that the bank might be able to defer a couple of payments until the house sells - they can do this in times of hardship. Although it might also depend on what your ex is doing.

  5. #15
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    Call the bank to discuss...

    You could also look at early release of some of your superannuation.

    Once the house is sold, you should be able to get that money back from the sale, and pop it back into your super, or just use it as you see fit.

    When times get stressful, things can seem very overwhelming.

    But just take that first step and call the bank to at least KNOW what your options are.

    Also call your super company to discuss if you can get early release (if you need this).


 

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