Interest only facility documents

[PiedPiper]

Hello

Still seeking advice. I have been hit by the down turn no more than anyone else and can now only afford interest only. I have 2 small units and two apts

I have been sending detailed proposals and spreadsheets having meeting and got paid advice.

The bottom line is I am willing to sell but no buyers and willing to pay interest only.

The bank NIB agreed to this but then sent me out facility documentation that tied in my home loan and while agreeing the interest only for one year at the end of the year wanted full repayment!! I said no way and they gave me a letter saying that they would look in to it at the time another meeting more facility documents, still wont sign them and risk my home.

Is there any type of mediation available between myself and the NIB.

I feel I have done every thing I can and am beating my head off a brick wall and need help.

 

[Wishes]

I was just about to post the very same. My mortgage is not with NIB but I am in a similar situation with my family home.

I've been in negotiations with the bank for some time now and they feel I need to sign facility documents. I have never heard of such documents

I asked what the implications would be if I signed and I was told there would be none unless I lied on the documents about my income etc. then they would be in a position to seek proceedings against me for repossession.

As mediation goes they told me to contact MABS.

I am actually beside myself with worry.