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  1. #11
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    Quote Originally Posted by yadot View Post
    I guess she has to live in it or let it sit empty
    That's what she is doing. It is killing her. It is empty - she is paying a mortgage on it. And, she is paying rent on a unit - because she has to be there for work. Please.. Any constructive advice would be appreciated!

  2. #12
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    Quote Originally Posted by Star Light View Post
    That's what she is doing. It is killing her. It is empty - she is paying a mortgage on it. And, she is paying rent on a unit - because she has to be there for work. Please.. Any constructive advice would be appreciated!
    Is anything selling locally? Has she sought advice from a local agent on whether any improvements might help?

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    From what I can gather from your posts, what you're asking is 'is there any way to unload a house which you no longer want but can't sell or rent?', is this correct?

    If living in the house, renting it or leaving it empty is not an option, and if significantly lowering the sale price to the point of selling at a loss still does not result in a sale then unfortunately there are very few options.

    I've heard of a 'strategic default' which is basically choosing to default on a mortgage, although I'm not sure if that's an option in Australia. There's also filing for bankruptcy so that you are no longer liable for your debts although that is a big decision to make with far reaching consequences.

    If she has absolutely no hope of selling it at the lowest possible price I'd suggest your friend talk to a financial advisor at her bank to see if there is anyway she can pause her mortgage repayments or somehow have the bank repossess the asset (house) so she is no longer losing money on it.

    I hope it works out for your friend, sounds like an awful situation to be in.

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    Star Light  (15-05-2015)

  5. #14
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    Quote Originally Posted by Mama Mirabelle View Post
    From what I can gather from your posts, what you're asking is 'is there any way to unload a house which you no longer want but can't sell or rent?', is this correct?

    If living in the house, renting it or leaving it empty is not an option, and if significantly lowering the sale price to the point of selling at a loss still does not result in a sale then unfortunately there are very few options.

    I've heard of a 'strategic default' which is basically choosing to default on a mortgage, although I'm not sure if that's an option in Australia. There's also filing for bankruptcy so that you are no longer liable for your debts although that is a big decision to make with far reaching consequences.

    If she has absolutely no hope of selling it at the lowest possible price I'd suggest your friend talk to a financial advisor at her bank to see if there is anyway she can pause her mortgage repayments or somehow have the bank repossess the asset (house) so she is no longer losing money on it.

    I hope it works out for your friend, sounds like an awful situation to be in.
    Thank you - yes this is exactly what I was asking. I will pass on the advice. My friend has a great job and works very hard. It really is an awful situation to be in.

  6. The Following User Says Thank You to Star Light For This Useful Post:

    Mama Mirabelle  (15-05-2015)


 

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