Herberton , Rialto Negative Equity

Hi all,

Could really do with some expert advice here…

2 bedroom apartment purchased at Herberton, Rialto in Sept 2009 for 260k (90% mortgage). Variable loan that keeps going up. The apartment is owned between 2 people , 1 is now unemployed. They cannot afford the repayments with management fees, mortgage protection, and income protection. I imagine the property is in massive negative equity so I heard they cannot change mortgage products until the LTV returns to 90%. Surely that wont be for another 10 years…

Any advice on options here ? Short term , long term plans to deal with the property which is now a massive liability.

If any further information is needed please advise…

Contact MABS.

And then talk to the bank.

claim on the mortgage protection, and income protection