The Herald Sun reports from Australia. "More than 50 Victorian homeowners a week are being dragged before the courts for falling behind on their loan repayments. The figure has hit an all-time high in the five months to November, with experts warning it will get worse with crippling post-Christmas debt."
"The number of Victorians being pushed out of their homes because they can't pay mortgages has tripled since 2000-2001, according to court statistics. Unscrupulous lenders were hitting people in financial difficulty who used equity in their homes to refinance, the Consumer Action Law Centre's Carolyn Bond said."
"Some did not fully consider a client's ability to repay the loan and burdened them with high fees. Some people defaulted within months, she said. With personal debt running at $30 billion nationally, a major crisis could come after the Christmas credit card bills arrived, she said."
"Victorian Supreme Court figures released to the Sunday Herald Sun showed a steady increase in lenders taking court action against clients. In 2000-2001 lenders lodged 897 writs to oust home buyers, which was 2.5 applications per day. That jumped to 7.3 per day, or a total of 2689, in the 2005-2006 financial year. In the five months to November, 1112 writs were lodged, increasing the daily rate to 7.5."
"The head of the Australian Bankers' Association, David Bell, blamed non-bank lenders, which launched 70 per cent of the default legal action while lending only to 5 per cent of the market."
***Hi there,
I've been studying the foreclosure market in the US and am interested in finding out how to find foreclosures in Melbourne or regional Victoria.
Thanks for any advice
Rebecca
Slightly off the topic but many forced sales are now not being advertised as such as instructions are to not to disadvantage the marketing and sale of a property.
The Sellers are however disclosed at the time of the auction.
When there are signs all over a property baring unauthorised entry due to a court seizure order its a pretty good indication that the property has to be sold. Properties are sold to achieve the best return for all parties though.
Thanks for your reply. It's my first forum post here.
I completely disregarded foreclosures at first as the seller being too disadvantaged but after having to move out of my own home after a separation and rebuild it seems all's mostly fair in love and war.
If / when I find an opportunity I will definitely strive for win/win somehow but it seems like the US market is more open and accessible at this stage.
Thanks for the reply.
Hi Rebecca,
I too am interested in finding properties that are in the process of foreclosure in Victoria. I live in Melbourne. How do you go about finding them. I know its a bit sad taking advantage of someone else's misfortune, however if I don't someone will.
Love to hear your thoughts. If you want to email me directly. try [email protected]Cheers Jonathan
Thanks Jonathan,
We're going to check out Gr8 Investments' June information session which I found on the Overseas deals forum here.They are based here in Vic.
They sound like they have high integrity and know the foreclosure situation in both the US and Aus.
I
t sounds almost easier to invest in a couple of CF+ properties there than Aus as the volume of people foreclosing over there is so much higher.The foreclosure thing is sad but I'm impressed with people who handle the whole thing with some compassion. I aim to stick with people who aim for the win/win somehow.
Am still learning.
Thanks
RebeccaHi Jonathan,
The right name is Gr8 Real Estate Investments.
http://www.gr8realestateinvestments.com/services.html
Rebecca
Bec
Becareful when looking to invest in the USA. I have been over there many times in the last 2 years learning the market Ive met most of the guys that are running these USA adventures. Ive seen and travelled around thousands of forclouses and pre forclosures. There are so many different forclosures. That market is crazy and sounds great. But if your not living there looking after everthing its hard. Just put a few questions on this forum and see how many positive responces you get. Very little I bet. The only people that are pushing the USA market are the people that are making a kick out of it. Call me if you want I will tell you more .
0408355568Kind regards Rick
Thanks Rick,
must admit I'm starting to think there are great deals here too now I've seen Steve's info – also Dymphna Boholt and Rick Otton.
I think I needed to get outside the old Aussie mental box to feel more free and entrepreneurial but I'll keep your number – thanks.
It still sounds like Gr8 Investments have set up a good team though.Rebecca
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