I am in arrears with CIBC mortgages to the tune of about $11, 000. CIBC have instructed Lawyers and commenced Power of Sale Proceedings.

I have offered to pay half the arrears now and requested that they capitalize the rest of the arrears and costs which will create a new mortgage balance. In an effort to ensure continued payments I have asked that they take interest only payments for the next 12 months.

My mortgage is less than 50% of the appraissed value (as at Nov 2008), however the lawyers have refused my offer and advised that POwer of Sale will proceed and I will be repossessed if the mortgage is not brough up to date by Jan 14th 2009.

I am told that part payments are not an option.

In these times I surprised that Banks are not flexible. There is no real danger that they wil lose money when they are sitting at less than 50% loan to value. In the meantime they are happy to write down billions for the US mortgage industry where there is ZERO prospect of any returns.

I am not a new borrower, I have had the mortgage for over 5 years !

If these Banks are truly committed to helping their borrowers through tough times, they need to listen to realistic proposals.