I haven't been blogging for a while, because I have almost been homeless.
It's a long story, so bear with me.
About six months ago Debra was really unwell, and unable to work. As a result, she fell behind on the mortgage etc. Initially she avoided the phone calls, but eventually she rang the bank and sorted it out - she paid a lump sum off the arrears and made an arrangement to catch up.
Well, in early February, without warning, the bank decided to foreclose. The first we knew of it was a summons and letter from the sheriff stating that we had 30 days to vacate the premises.
So we contacted a finance broker, and arranged a loan. It was all going fine, and then four days before the deadline the loan was declined. The reason was the value of the property - the person who had valued the property had valued it at the same price we paid for it 3 years ago, despite the massive amount of work which has been done. The reason? The mess the dogs made.
Now I know it was messy - I mean I'm not blind or stupid - but my understanding of a valuer's job was the value the PROPERTY not the OCCUPANTS. I firmly believe that is what he did. We are in the middle of town, on 2.75 acres, yet he valued the property at $175,000. 2 Acres just up the road is on the market for $140,000, without a shitty house on it or amenities even connected. We paid $170,000 in 2004, and have: put a new roof on; fixed floors and ceiling; painted; cleared and gravelled the driveway; cleared massive amounts of overgrowth; built a retaining wall; landscaped the garden; added an extra room; built fences; cleared away junk; built chook yard and so on and so on. This guy sounded like he had never been out of Toorak or Beaumaris in his life and had no concept of how people live.
So, then we had four days before we were due to be evicted, no loan, a really messy house and stress levels through the roof. Westpac kindly gave us an extension of 14 days to get another loan. We changed finance brokers, have spent two weeks cleaning, and now it looks like it will all be alright - the next valuer is coming on Monday, and this company lend 100% of the value. If they value the house much higher than the other guy, I am going to complain about him to the REIV. Fucking bastard.
I have always hated banks, but I especially hate Westpac right now. Mum had been a Westpac customer for 30 years through about 6 mortgages and had always been a good customer. She was talking to them and had made payment arrangements, yet they chose to foreclose on a piddly $130,000 mortgage anyway. I have told mum that she needs to move all her banking to either the Bendigo or a Credit Union - I bank with a Credit Union and they are a million times better.
In fact all of you - every single one of you - stop using banks - they are evil. Use a credit union or keep your cash in a cigar box in the backyard.
It's what I do.
UPDATE: Well the second valuation is in - $220,000! So two weeks of cleaning was worth $45,000?!?! I doubt that very much. But we have the loan now, and still have a roof over our heads, and the heads of way too many poodles, four chickens and a goat. Now to write that letter of complaint......