THE UGLY SIDE OF PROPERTY INVESTMENT

The problem I have with mortgagee sales is a moral one. I have no problem in engaging in a “fair” fight between buyer and seller but a mortgagee sale means that someone is hurting, and I don’t want to be any part of that. Over the years I have seen many mortgagee sales, and helped countless numbers of people to avoid them by negotiating with their bank to get some sort of deal on the table. In a very tiny number of cases the borrowers deserved what they got, but the majority were mercilessly shafted well and truly. In many cases I got the bank to take an equity stake in the property rather than selling it up on the basis that when it eventually sold they got their share back plus some interest. In other cases I got the bank to freeze the overdue loan on the basis that again it would be paid back when the property sold. Most homes sell in the normal course of events within 7-10 years of purchase and a bank can afford to wait. On the other side of the coin banks don’t knock on the door if you miss a payment or two. It takes many months to organise a mortgagee sale and the borrower can repay or make a deal right up to the fall of the hammer so all is not lost. But for many the stress is so great and the horror so overwhelming that they collapse under the strain. How can an individual, who is obviously struggling, fight a bank with its bottomless pockets? If you know some one who is in trouble get them to give me and my team a call. They have nothing to lose- except their home

Olly

Forced home sale bankrupts couple

 December 14 2014
HOME NOT SO SWEET: Candace and Ross Robertson, with son James, at their rental property.

CHRIS SKELTON/Fairfax NZ

HOME NOT SO SWEET: Candace and Ross Robertson, with son James, at their rental property.

A couple has won a rare court victory against a bank that forced the mortgagee sale of their dream home for $1 million beneath its valuation.

The scathing judgment provides a glimmer of hope for Kiwis fighting mortgagee sales in the aftermath of the global financial crisis.

Ross and Candace Robertsons house at Hatfields Beach north of Auckland was sold by tender for just $1.2m, well short of its official valuation of $2.2m.

IT"S A STEAL: The Hatfields Beach property was snapped up for a bargain price.

IT”S A STEAL: The Hatfields Beach property was snapped up for a bargain price.

The sale left them still owing $800,000 to ASB bank, which applied to have them bankrupted.

 

link:

http://www.stuff.co.nz/business/money/64093828/Forced-home-sale-bankrupts-couple

Posted in News & Articles | 1 Reply

One thought on “THE UGLY SIDE OF PROPERTY INVESTMENT

  1. Hi Olly, We are sueing the ASB for breach of s176 of the PLA.
    Just wondering if you would like to help us.
    Kind Regards, Ross.

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