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This is the place to ask questions about Trust Deeds
By HeadsUp
#2756
Hello. We are in the last 5 months of our Trust Deed and are required to release the equity on our property (20,000). We have contacted a few brokers and fear that there will be no banks willing to lend us money and that our property will still be valued at the same as what it was 2 half years ago. What will happen if we cannot borrow this money? Any help would be appreciated.
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By Hayden
#2772
Hi there HeadsUp

If you can't release the equity from your property, I think you may be able to extend the period of your Trust Deed and in effect pay more to your creditors in that way. I am sure Steve will be along shortly to help with this answer.
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By Steve Jackson
#2787
Hello HeadsUp and welcome

I assume that the terms of your trust deed were that the equity in your property on starting would have to be released. Ultimately, a Trustee could enforce the sale of the property to release the equity. However this would be an absolute last resort. In my experiance, they will preferr to look at alternatives such as continuing to run the Trust Deed over a longer period. You should discuss this with your Trustee asap
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By Hayden
#3088
I think your circumstances are quite normal in the current mortgage market HeadsUp. I am sure that your IP will agree to you extending your payments. Let us know how you get on.