Wednesday, June 9


Last night we got the news that the bank had severely undervalued our new house.  To the point we would need to get mortgage insurance, another large amount of money to outlay.  So far the bank I have previously borrowed with and would like to borrow from again is charging discharge fees, has already once messed up the mortgage documents and now has done this.

Today in between work, really busy day,  S.V. has been number crunching and ringing around trying to sort this out.

Outcomes so far are - suck it up, meaning scrapping by just- borrowing alot less and not having to pay insurance,  finding another lender - in less than one week to settlement, if so trying to extend settlement -the vendor has agreed in principle.  This means moving up to a week later.

We are getting another valuation done just for our own peace of mind in the mean time.

Banks are basically bastards

and I no longer own any property - the settlement went off without a hitch

I am also with Lyns - today I felt quite weary of this bearing of my soul and especially as it is not all good.  I am also starting to get a cold, well I am trying really hard not too.  Work also is stressful for all the wrong reasons and I think all of this other stuff just doesn't help.

I knitted about 7 inches of my cardie
I have lost my sock mojo -and mourning it
the cat has done one round of the house tonight already - out back in front

there is a small bottle of pink champagne in the fridge to drink when S.V. gets home to celebrate selling flat.


LynS said...

Oh Fee, what a bummer! And you know that all the banks will probably treat you equally badly so that changing may not help. The champagne sounds like a good idea.

Bells said...

that's pretty poor form. I think they should compensate you - it's not your fault. You shouldn't have to wear it because of their error!

Rose Red said...

Gah! That is a total bummer, banks do suck sometimes don't they. I hope that you can find a workable solution. And yeah, champagne always good!!

Jan said...

I hope that bank does not have the name of an old English hero. If it does, I can understand it. when my son bought this place in December, he was not told till 2 days before settlement that they had knocked off $200,000 from what was promised. He has several loans with them for property. Talk about stress, owner would not extend the settlement and said he would sue for whole amount.

He finally made the amount, seemingly miraculously at the very last moment possible. To compound the matter, we had removalists sitting in the street for three hours for which he paid. Why? The bank did not turn up to settlement. Said they knew nothing. Lots of angst as you can imagine. Lawyers scrambled to reschedule that same day.

He has since been in touch with a manager he knew at another bank. Remortgaged everything. This place was valued at $150,000 over what he paid for it, in other words a difference of $350,000 in 4 months. Other properties were also valued higher, although he wanted only to cover the existing mortgages.

Do you know the bank a bit out of Marrickville main shops with its own little parking area like pulling into a service station? You could try there.

jp said...

Sheesh Fee that is really a huge bummer. Hope the Champaign helped a little.

travellersyarn said...

I have a friend who is an independent mortgage broker (not a knitter though). If you would like, I can give you her number, and she might be able to help you with some options.

Very, very stressful huh? Lets leave the toe-up class for another day when your life is a little saner.

M-H said...

I have the name of a mortgage broker too, Fee. I would never buy or sell again without using her. She's in Leichhardt and would visit you at home. She was brilliant with our complex arangements.

Banks are such bastards. I remember Jan's story and was gobsmacked at the carelessness they displayed with other people's money and lives.

knitabulous said...

Last time we bought and sold we had to do some stupidly complicated wheelings and dealings to get our finance - there was a timing issue when we hadn't yet sold but were facing settlement on our purchase.

The mortgage broker we had was an absolute genuis, and very wiley coyote! I felt like I had to go home and scrub in the shower every time we met with him, but I'd use him again.

I feel sorry you've had to undergo this stress - banks really are in 'bankworld', like the ad.