VIC Caveat on unit debt out of control

Discussion in 'Debt and Bankruptcy Law Forum' started by Matthew McNamara, 9 January 2020.

  1. Matthew McNamara

    9 January 2020
    Likes Received:
    I have foolishly taken out a 2nd mortgage on my property which I have stopped making repayments on, resulting in the total amount just about tripling to 80K and continuing to do so. It is classified as a business loan although I never gave them an ABN. The monthly repayments are about $1750.

    I did not have a business. I used the money for personal issues.

    In addition, I have my regularmortgage which I have also fallen drastically behind on as well as several other smaller loans/obligations. I have completely buried my head in the sand regarding all this. However, I can arrange to manage these other debts, even my regular mortgage.

    It is the 2nd mortgage that is killing me and eating the little equity that I have in my small, dilapidated unit. And I do not want to lose my unit. I do not know what to do because I cannot afford the repayments and I am locked into them for years now.

    Is ridding myself of this 2nd mortgage a matter you can assist with?

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