A new member on a property forum I read is seeking advice. He has 7 IPs with 3 Xcollateralized and is $16k in arrears, so has signed a contract to sell one. Trouble is the bank has revalued remaining properties and come up with an LVR of 93%. They are refusing to release the deeds for the house he sold until he get's that down to 80%.
That is clearly impossible or he wouldn't be in arrears. Sure looks like a margin call to me.
It's easy to see mistakes and it's not me who will point them out but IF I was to make a suggestion it would be to declare bankruptcy, the earlier the better.
Aren't you glad Oz banks have tight lending practices? LOL
