by snarp  03/07/2006  8 Comments  2363 Page Views
Self-managed super funds, superannuation, wealth management

I really need some advice and hope this forum might be able to open my eyes to some.

My situation is:
Owned  1 property. Mortgage is 80000
Bought second property with equity from first: 200000.

Now, ive going through settlement of selling the 80000 property, that was used as 100% finance on my second property.

The banks have asked me cough up 49,000 abouts as security on theproperty im keeping.  Im not making much money from selling thefirst property (maybe about 5000). I thought i was doing right, byreducing my morgage to one, less repayments, less money i own.

The banks, security on my 200000 thou was in the 80000. I dont knowwhat to do, and it settles in 10 days, and dont have the 49000!

Anyone know what my options are?

I'd guess:
1. I could get a guarentor.
2. Im getting my 200000 property revalued (and 'could' be worth 210000-fingers crossed-) Thats still not enough to cover the 49000 theyrequire.

I have had no trouble paying both mortgages, and thought reducing themwould help me financially, and i cant get out of not selling the 80000securty property.

What to do .. what to do.  Im scared now ill lose both properties.