Reduced Mortgage coming to an end..Advice Needed to deal with the Bank

[Toby2909]

Hi, I am looking for some advice for dealing with my Bank please.
Our reduced mortgage repayment is coming to an end in Nov. We are been in arrears with our mortgage for approx 3 years now, basically just going from one reduced payment agreement to another.

During my last phone call with my mortgage provider they told me that we would have to return to full payment or at least interest only repayment once this current reduced payment ended.

While we are now in a slightly better position to pay a little more than what we are currently paying, it still will not be enough to pay the full or interest only amount. We now owe more than what we originally borrowed for the house and if I am honest I'm not sure if we will ever be able to clear this debt.
I have contacted MABS and we are on the waiting list which is currently 4/5 weeks.

So before I contact the bank again to inform them that of our situation I wanted to seek some advice or input from others.

Any advice is welcome.
Thanks a mill

 

[44brendan]

Unfortunately if your financial situation is such that you can't even meet the interest payments on your mortgage you will need to re-assess your long term strategy. You have an unsustainable mortgage and unless you have some opportunity of significantly improving your repayment ability in the short to medium term you will need to face the reality that you are likely to lose your house. Mabs can do nothing for you unless you are paying other creditors at the expense of your mortgage. If you want more specific advise you will need to fill in the financial profile template on AAM.