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BFCSA
MORTGAGE
DISTRESS SOS

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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: My Story - I tried to sell to reduce debt but Macquarie Bank refuses to release the mortgage .... plus other stalling tactics to bury me deeper into debt.

Posted by on in ROYAL COMMISSION URGENT
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We write on behalf of our son. We hold enduring power of attorney.
 
Our son took out a Low Doc Loan, interest ONLY, from Macquarie Bank on his house and one other property. The application grossly overstated his income and assets and also stated that he was married which he was not. Because of high interest rates, and the fact that he could not afford this loan from day one, our son fell behind on his repayments. He finally came to the family for help, as the Bank was threatening to foreclose. He tried to sell the property so as to cut his obligations in half, but Macquarie refused to release the mortgage.  He wrote to Macquarie explaining his reason for selling the one property but received no written response.
 
He engaged a Lawyer to do three things,
To stop the foreclosure
To find out how much arrears had to be paid
To remove the withdraw facility from the loan.


Macquarie did not respond for three months, only the arrears were mentioned. Despite eventually paying the arrears, Macquarie via their agent Perpetual still went ahead with the Judgment against our son. However they did allow the sale of the one property, after about a six month delay
 
The Judgment still stands but has not been acted upon.  The Lawyer achieved virtually nothing for our son's $11,000 he paid. He also paid additional interest of about $28,000 while the proceedings dragged on for the final sale of the one property.
 
With the Judgment still standing it means that our son cannot negotiate to another loan with cheaper interest. 
 
Regards Alice 

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  • doyla66
    doyla66 Thursday, 30 January 2014

    Duped

    It seems that lenders and banks get great delight in charging these horrendous fees and dragging the system on just to make it harder and ruin decent peoples lives. You and your family hang in Alice sooner or later we will be able to spear them in the heart.

  • doyla66
    doyla66 Thursday, 30 January 2014

    Our interest and fees have been dragging on for over 4 years now. The outstanding amount is more than double the original fraudulent loan. Figure that out. No settlement details have been applied to the loan although our home was sold in November. Gotta say Nab are the laziest and slackest sods.

  • doyla66
    doyla66 Friday, 31 January 2014

    Same here. With all the accrued interest and fees, we now owe more than our home is worth. In my opinion unless a good Lawyer is found who is familiar with the corrupt workings of the banks and lenders, not much will be achieved and it will usually be money down the drain. The banks Lawyers are hand picked and specialise in that field (trained to work in the bank's corrupt manner) and have unlimited finance. They will push and push until you have no money left. They are sadistic with no compassion and no feeling for anyone. In the end your money is gone and you are flat broke and back where you started. This is a shameful reality and that is why Denise is fighting for this unjust cause.

  • doyla66
    doyla66 Sunday, 02 February 2014

    BOQ Persecuted

    Well, they got you and me and heaps of others into it, Organza, for which they also received handsome commissions for underwriting those loans and inflating out incomes. Guess they had to cover their butts when it all came out. Yes my bank manager knew a lot too. He leaned on me to sell other assets, I never though I would have to sell, made the whole further loans and purchases defunct. From the moment after the granting of the loans in 2007-08, like he knew they had done wrong and things were changing and they were getting caught - this was just before the NCCP Act, but then Stuart Grimshaw BOQ chief was one of the instigators of that Act. They shouldn't have granted any loans in those circumstances - and I thought I had got there because I 'qualified.'

  • doyla66
    doyla66 Sunday, 02 February 2014

    BOQ Persecuted

    PS - my income was altered up $250K or more - that's a big fraud!

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