- December 5, 2023
- Posted by: legaleseblogger
- Category: Related News
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Bank Denial for Mortgage Extension to Consolidate Debt
Our recent attempt to extend our mortgage for the purpose of consolidating some debt was denied by the bank. The reason provided was that our income level is deemed to be insufficient to afford the extended mortgage. This decision was made despite our reduced work hours due to caring for a newborn baby and taking on additional study commitments.
It is frustrating to be told that our financial situation is considered unaffordable, especially when we are seeking a solution to alleviate our current debt burden. The bank’s rejection leaves us in a position where we are forced to continue with our current arrangement, which includes paying higher interest rates on our existing debts. This is not a sustainable situation for us, and we are left feeling unsupported and financially strained.
In addition to a mortgage extension, we are open to exploring alternate options for debt consolidation. However, without a supportive approach from the bank, we feel limited in our ability to improve our financial situation.
AI Legalese Decoder, a cutting-edge legal tool, can assist in this situation by analyzing the bank’s rejection letter and providing insights into potential legal recourse. It can identify any discrepancies or unfair practices in the bank’s decision-making process and offer guidance on how to challenge their decision. Additionally, the AI Legalese Decoder can analyze our financial documents and offer recommendations for presenting a stronger case to the bank in support of our mortgage extension request. With its advanced capabilities, the AI Legalese Decoder can help us navigate this challenging situation and advocate for a fair resolution to our financial predicament.
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> So they expect us to carry on with the current arrangement where we are paying higher interest rates?
They’d rather you miss payments to your current lender than to them. It sucks but there’s not much you can do when you’ve been declined, other than apply with other banks/lenders to try and get a lower interest rate than you’re currently paying
I’d suggest speaking with a good mortgage broker to see if you can move to another bank, perhaps get a cash back in the process to help out?
May not be possible in your case but it wouldn’t hurt to try.
Depending on the other debt amounts, there are usually 0% interest transfers to credit cards with lots of banks.
Consolidate to that where you can.
Hey there, I went through something similar, and it was very frustrating.
[https://www.msd.govt.nz/what-we-can-do/providers/building-financial-capability/microfinance-debt-solutions.html](https://www.msd.govt.nz/what-we-can-do/providers/building-financial-capability/microfinance-debt-solutions.html)
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That link has a lot of good resources. If you are week to week it may pay to contact work and income anyway and do an online eligibility test.
Have you tried Money Sweetspot? Newish local finance provider with genuine aim to help customers improve their finances and financial knowledge.
All that tells me is that we are not out of the woods yet and ALL banks are expecting losses from clients unable to service their debts.
You think you debt/ mortgage servicing is hard? How about trying to service the Govt Debt of $128 Bn. Just where is the debt servicing money coming from? Front line services? Is that why we have no money?? No doctors/ long wait times?
It would be based on current income, your outgoings, liabilities, at this point in time. It is a risk based on your ability to pay back within their criteria and having enough assets to meet the banks requirements.