I have a property where land price has been halved in recent years. I have done my utmost to sell the property for the best price possible due to current market demand. I have been in financial hardship since the QLD floods in 2013 (I live in NSW, property in rural QLD).
I'm single mum with no income and a house that is inhabitable. I have not been able to maintain rates and local council looking at recovery action. The case has been with FOS for 3 years due to a valuation dispute yet the bank still charging interest throughout. The bank is stating that will not accept the current offer, but the property is under mortgage insurance. The offer was $80,000, and my current debt is $227,000. (However $38,000 interest has been added since I had a FOS case opened and the bank is refusing to speak to me despite my legal requests for mediation).
Council will sell for $46,500 but the bank has stated that they will not accept anything under $108,000. Can they stop the contract? They don't lose, they are covered under the mortgage insurance.
The last property to sell in the area was April 2013, and current market properties have been on the market for 72 weeks plus. The bank is rating the property valuation higher than $108,000 and will not release titles. Can they do this? I have had 10 case managers since the 18th Sept and am getting no straight answers from the bank.
So I guess questions is:
1. How can the bank prevent the sale of a property when the property is covered by mortgage insurance agreement under property law and when there is no clause in a contract between seller and buyer giving authority to do so?
Would really appreciate any insights or means of enquiry.
Many thanks
I'm single mum with no income and a house that is inhabitable. I have not been able to maintain rates and local council looking at recovery action. The case has been with FOS for 3 years due to a valuation dispute yet the bank still charging interest throughout. The bank is stating that will not accept the current offer, but the property is under mortgage insurance. The offer was $80,000, and my current debt is $227,000. (However $38,000 interest has been added since I had a FOS case opened and the bank is refusing to speak to me despite my legal requests for mediation).
Council will sell for $46,500 but the bank has stated that they will not accept anything under $108,000. Can they stop the contract? They don't lose, they are covered under the mortgage insurance.
The last property to sell in the area was April 2013, and current market properties have been on the market for 72 weeks plus. The bank is rating the property valuation higher than $108,000 and will not release titles. Can they do this? I have had 10 case managers since the 18th Sept and am getting no straight answers from the bank.
So I guess questions is:
1. How can the bank prevent the sale of a property when the property is covered by mortgage insurance agreement under property law and when there is no clause in a contract between seller and buyer giving authority to do so?
Would really appreciate any insights or means of enquiry.
Many thanks
