Thursday, 17th August 2017

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PeterM
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Last seen: 21 weeks 14 hours ago
Joined: 15/08/2010

I haven't slept all night. I have huge financial problems and I am way behind with my levies. If it is a choice between paying my mortgage and paying my levies, my mortgage wins every time but now I am a couple of months behind with my mortgage as well and it is really getting me down.

We have a huge special levy to pay and our normal levies went up almost double. My daughter is very ill and I have my own business so unless I am actually out there doing the work, no money is coming in. My wife can't work because our daughter is a full time obligation and she needs to be there for our two other children as well.

I rang my mortgage company and they say there is nothing they can do to help. I don't expect anyone to do anything for nothing but being threatened by the owners corporation that they will have to foreclose on our unit for unpaid levies is really hard to take. I didn't know they could do that. That is why I have tried to keep the mortgage up so I am at least keeping a roof over our heads.

The only light in the tunnel is that it looks like I have picked up a large contract for work but I am still being threatened left, right and centre. No one is giving me enough space to rectify this situation I am in. Everyone wants the money yesterday. I tell them that I have picked up this new contract and can they just give me some time to pay and no one is prepared to do that.

It is so demoralising. I am trying to do the right thing and I am getting slapped down at every turn. I feel better now I have put it down in writing. Thanks for letting me rant.

Pete.

investor
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Last seen: 6 years 19 weeks ago
Joined: 24/03/2010

Not a nice time for you Pete but have you spoken to your mortgage company. In extenuating circumstances they will suspend your payments for up to three months, some times more. Most mortgage companies offer that assistance but you need to get through to the right people. Don't let the collections department tell you that they will suspend your payment until the next payment is due and then they will take both payments. You can get your mortgage suspended and not pay anything for a few months until you get on top of things.

The collections department is supposed to offer you that if you situation is worthy of a suspension but none of them do it. Unless you know about it, no one knows that it is possible. Give that a go. That may give you a reprieve for a few months.

I hope you daughter gets better soon and NO...the executive committee cannot vote you out of the building. If you can suspend your mortgage, try and get on top of your levies but I think your executive committee will also show some empathy with your situation. Make sure you just talk the the powers that be to keep them in the loop.

I hope things pick up for you soon.

privet25
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Last seen: 1 year 28 weeks ago
Joined: 07/01/2016

Speak to your strata manager because they by law should be able to arange a payment plan and in the legislation at the AGM you can have the interest waived if the other owners agree.  Bring it up.