Believe it or not – the Bank that you borrowed the money from to buy your home has legal rights to protect itself from default loans.
So let’s break it down to what rights your Mortgagee (Bank) has and how they repossess your home:
The lender has the right to seize and sell a mortgaged property once:
- The borrower is in default of the mortgage (usually this is a failure to pay an instalment), and
- The borrower has not fixed the default within the time specified in the mortgage (if no time is specified, the period is one month or 30 days), and
- The lender has served the borrower with a notice in writing requesting compliance with the mortgage (asking for payment), and
- The borrower has not fixed the default within the time period specified in the notice.
Well then the Bank or Lender must follow a standard repossession process that comes to the debtor as notices, as the bank is required by law to provide opportunities to the debtor (you who have the mortgage) to rectify the missed payments.
At this point you’ll need to act quickly.
If you get any of these letters, it is crucial to contact the bank and communicate. This will often help you gain access to the extra time needed to work out a beneficial option.
If you are falling behind on your Mortgage Repayments – and you don’t know what to do next call Property Solutions for Australia on and we can help you analyze the best options for you – BEFORE it’s too late!
Alternatively you can CLICK HERE and get instant access to a FREE report on the “7 actions you can take immediately when you can’t pay your mortgage!”