Re-possession Notice

[johnsmith]

I have received the re-possession notice issued by bank. How do I reverse it? Many thanks

[Davo36]

Geez mate, post a few more details and gave as much background as you can.

Then somone may or may not be able to help.

David

[outspoken]

Agreed Davo

from the brief given I'd say

"pay the arrears, refinance, negotiate or sell"

[johnsmith]

I changed the address but bank did not know. The fixed term expiried so the repayment increase dramtically but I was not aware. Plus, my repayment became irregular. The bank sent a notice in April to old address. Then send other correspondences to old address but I failed to receive until they issue the vacation notice to tenants.

I immediately paid some money but do not know exactly how much is the arrear. So far, bank did not reply me my question what is their re-possession progress.

[outspoken]

Sorry johnsmith you are not going to get the advice you seek with the limited information you provide that we can understand.
Go and see a lawyer.
Good luck

[Keys]

If this was a thread on Trade Me

It would be considered a wind-up.

Absolutely no truth to the matter. Just wanting to stir. Note, as questions get asked more information will be forthcoming.

If it's true, I pity the tenants of this fellow.

[revdev]

The fixed term expiried so the repayment increase dramtically but I was not aware.

It would be considered a wind-up.

Defo a wind up....nobody is this careless surely??

G

[Glenn]

Defo a wind up....nobody is this careless surely??

G

You have to be kidding revdev.
I have had a few of my managements go belly up and generally this state of affairs is the norm.
All the rent was being collected in and banked by me in the nominated account. In two or three cases the bank account I was putting the money into was not the bank with the mortgage.
A couple of years ago I had a bank manager ring me asking about the rent. He had been told that there was none when in fact 100% of it had come in.
The foolish owner had been spending it and not paying his mortgage.
In another case many years ago the relationship had gone bad.
So the stupid male had spent all the rents on his stuff and not the mortgage. This forced the bank to forclose.
The lady's lawyer would ring and abuse me. He wanted half the rent to go to her account. He got quite abusive when I said I had to do what I was instructed to do by my client and not what he told me to do.
The lovely parents of the man communicated with me at the 11th hour. Apparently the bulk of the deposit came from them. Alas too late. The property was sold for a song and neither of the fighting pair got a cent out of the deal.

In each case the owners appeared to be completely out of touch with what they owed and had a completely "can not care" irresponsible attitude to it. In each case the deposit had come from generous parents.

[Keys]

In each case the owners appeared to be completely out of touch with what they owed and had a completely "can not care" irresponsible attitude to it. In each case the deposit had come from generous parents.

I wonder, have these generous parents helped the kids all their lives? Giving them a crutch to lean on in times of trouble? Then, when told to stand upon their own two feet the kids wander off into life with a limp.

[Glenn]

I wonder, have these generous parents helped the kids all their lives? Giving them a crutch to lean on in times of trouble? Then, when told to stand upon their own two feet the kids wander off into life with a limp.

Well I do not know about that.
In both of these cases I knew / know the mortgage holders in another life. That is I had more than just a business relationship of property manager to owner relationship with them.
The the very early one with the relationship issues I knew him because he was a low paid employee of one of my commercial tenants. I guess he is still eking out a missible life earning low wages and feeling sorry for himself and perhaps angry at others who appear to be taking advantage of him. I am sure he will make a wonderful tenant for the likes of you and me for many years to come. A really nice person and valued employee.

So often society does not want to see the human side of investment failures. Too often they want to apportion blame. Usually there are many sides and angles to the eventual outcome.
Along the way the person who took the risk and put his name to the documents and was happy to take the profits get the blame but there are usually others in the background that had a hand in the process.

The other I know a bit better. Nice person. Hard working and hard playing.
All of his family are extremely hard working and some have done extremely well financially. He will have another go at some stage and make a success of that one. His downfall started with following the wisdom of others. The trouble is that path was not his path. He purchased a big do it up property that had lots of problems mostly related to the poor way it had been altered without building consent. Someone had turned it into two flats without consent and he turned it back into one. I saw it before it went down hill. In fact I managed it for a while eventually getting good compliant compatable tenants in both flats. At that stage the out of town owner got rid of me and it all returned to custard. That owner reaped his own rewards and lost most of his money. Then I saw the property again just before my young client purchaed it. The landagent refused to enter the property to show me. It stank so much. it was in a terrible state.
He did a really good redecorate job but the roof still leaked and it had a few other problems. He filled it with his mates, the idea being to get them all to pay $100 or so a week to pay off his debt. The problem was he wanted to remain mates and they did not pay. (The story goes) At that stage I was wheeled in to get the cash flowing. I also had problems but the real issue was the cash was not landing in the correct bank.

[revdev]

You have to be kidding revdev.

In each case the owners appeared to be completely out of touch with what they owed and had a completely "can not care" irresponsible attitude to it. In each case the deposit had come from generous parents.

I hear where you are coming from Glenn, however in both your examples the owners made a conscious decision to stop paying the loan.

Not the case with John Smith who has admitted to paying some off the loan arrears. But to be an investor and not know when fixed terms are expiring or that you have "dramatic payment increases"...madness.

JS, so you didn't receive the bank correspondence snail mail...what about checking online??...you are here in pt.com, so you obviously have internet access.

Good luck! (still think it's a windup )
G

[Glenn]

I watched a few snippets of Gareth Morgan on channel 7 last night.
He was saying that central bankers and Goverments should not bail out people when they get into trouble.
I think AKA John Smith is a good example for us to all learn from

We need fools in the market.
For every fools loss and pain is another persons gain and joyful glee.
so yes bring it all on John. We need more of your kind to keep the balance in the market. As soon as we all carry you the market goes mad and we all suffer.

[NZGEMS]

John, if you are still looking on here and you are serious, don't go laying blame, you didn't tell the bank when you moved. My advise is to go to the bank and see how it can be sorted out, it has obviously been going on for a while, your best bet may be to try and refinance if it is not too late, but I would try explaining your situation to the bank, good luck, but remember BE HONEST the banks hear stories, yes they are just stories, every day of the week and yours by the sounds of the small amount of info you have given will be very similar to alot, still if you are serious about saving it talk NOW to them and see what you can do. At the very least if you can buy some time you may be able to sell the house yourself, as mortgagees are not generally getting huge money now a days.

Be grateful for what you do have, thankful for the help you have received to date and respectful of the banks decision what ever it is, ask yourself what you have learned from this and what you could have done better.

all the best
Robyn

[NESW]

I came across this thread and my experience having moved from Aust to NZ and advised my Aussie bank, I can confirm that so far my snail mail from the bank has been sent to my parents former aussie home, our former postal box, my parents NZ home but under my maiden name (accounts in married name) and when it does arrive at my correct address, it takes 15 days to get here whereas normal mail takes 5 - 7 days.

I too have tried and tried to communicate with bank on line, via their website secure service and by email. My banker left, her email wasn't being on fowarded to anyone else. Earlier this week I received a direct email from a ''someone'' who asked for me to call them, so I did. Went to messagebank.

so I emailed again and advised I had called and left message. No reply to date.

Its darn hard to try and sort out whatever mess you may find yourself in when bank employee's won't put a proper name to a letter, won't reply to emails, and ask you to call and then have a messagebank.....

I was taught to always let your creditors know when something goes wrong, so it can be worked out together...

My advise would be to keep a copy of any correspondence you have, that way if you have to obtain an injunction (and I would hope you can sort this out) your representative in court can produce the evidence to show what you have done to remedy the situation.

As an aside, I was of the opinion that each time you make a payment they need to re-issue any paperwork served with the correct outstanding amount. Not sure if this is true, but perhaps its best if you can get up to date and keep up the repayments to fend off any action.