Hi, Our property is being auction by mortgagee but it is under contract to a buy and we are just waiting on the settlement date, can the mortgagee still sell the property at auction if it is already under contract. Please need some independant advice urgently.
Under Contract (urgent)
- Thread starter jacksonbrown
- Start date
Hi Jackson
I believe the lender has to hold their actions, if you have lodged a dispute with the relevant Ombudsman Service. There are two services that may cover your lender. They are:
1. The Financial Ombudsman Service at http://fos.org.au/centric/home_page/resolving_disputes/how_to_lodge_a_dispute.jsp
2. The Credit Ombudsman Service at www.cosl.com.au/
I suggest you find out which Ombudsman Service covers your lender and lodge a dispute there.
Cheers, Paul
I believe the lender has to hold their actions, if you have lodged a dispute with the relevant Ombudsman Service. There are two services that may cover your lender. They are:
1. The Financial Ombudsman Service at http://fos.org.au/centric/home_page/resolving_disputes/how_to_lodge_a_dispute.jsp
2. The Credit Ombudsman Service at www.cosl.com.au/
I suggest you find out which Ombudsman Service covers your lender and lodge a dispute there.
Cheers, Paul
under contract
Thank you both for your information, the trouble is they are putting it up for auction on the Thursday, and we (the vendor) and the buyer and there solicitors are desperately trying to settle this, the mortgagee people wont talk to us regarding this, the buyer has had the contract in place before the mortgagee put it up for auction. (they are not a bank) private lenders.
Is there anyway we can stop them from going to auction... the contracts and have been signed and originals are in the mail ready to settle on Thursday. We the vendors feel we are being treated very unfairly. (The contracts have been in place before they put it with an agent which we thought they couldn't do)
Thank you both for your information, the trouble is they are putting it up for auction on the Thursday, and we (the vendor) and the buyer and there solicitors are desperately trying to settle this, the mortgagee people wont talk to us regarding this, the buyer has had the contract in place before the mortgagee put it up for auction. (they are not a bank) private lenders.
Is there anyway we can stop them from going to auction... the contracts and have been signed and originals are in the mail ready to settle on Thursday. We the vendors feel we are being treated very unfairly. (The contracts have been in place before they put it with an agent which we thought they couldn't do)
Hi
If you have exchanged contracts with your buyers, your buyers have an equitable interest in the property and should be able to lodge a caveat on the property to protect their interest.
Your solicitor may even suggest that you lodge a caveat.
At this point you need to be working closely with a very pro active solicitor.
Cheers, Paul
If you have exchanged contracts with your buyers, your buyers have an equitable interest in the property and should be able to lodge a caveat on the property to protect their interest.
Your solicitor may even suggest that you lodge a caveat.
At this point you need to be working closely with a very pro active solicitor.
Cheers, Paul
Hi Yes they have a caveat in place but the they are being told and so are we that the caveat does not apply if its a mortgage sale.
I will get the solicitor to check into that again...thankyou
I will get the solicitor to check into that again...thankyou
Or maybe gave plenty of no notice and the client couldn't or wouldn't sell? Sooner or later they must take control in some cases. There's always 2 sides to a story.
NB This is a broad statement and not directed as the original poster as insufficient information is to hand.
Interesting idea. I'm not sure how the other states work, but in QLD, I'm sure the Registered Owner would be able to lodge a caveat seeking to prevent the action by the Mortgagee, if they provide evidence that the correct procedures have not been followed by the Mortgagee.
I agree with Lofty though, talk it over with your solicitor first.. the whole point of the Caveat system is to protect your interest... and to allow the matter to be settled outside of, or heard before a court.
(a) Is the contract arms length?
(b) Is it unconditional?
(b) Is it unconditional?
I don't know the answer to the original question, but think it comes down to working out who has better priority.
If the house has been repossessed already then I think the legal owner would no longer have the right to enter into a contract to sell the property.
A first mortgage holder would have greater priority than a caveat holder.
If the house has been repossessed already then I think the legal owner would no longer have the right to enter into a contract to sell the property.
A first mortgage holder would have greater priority than a caveat holder.
