We Assist With Mortgagee In Possession Cases in North Queensland

There are a number of reasons why a borrower can fall into financial disarray and default on their loan. Common reasons include:

• Changed employment status: Mortgagee in possession will occur if a borrower loses their job and falls into unemployment without ample savings to pay their mortgage. This often happens in single income households.
• Variable home loans: Variable home loan rates often begin at a low introductory rate but can increase over time—especially if the Reserve Bank interest rates increase. This will lead to a dramatic jump in mortgage repayments which can be tough to keep up with.
  

• Sudden medical expenses: An accident can lead a borrower to have to pay large medical bills at a moment’s notice, which can have a serious financial impact.
• Death: The death of the person primarily responsible for paying the mortgage can force a borrower to become unable to pay their loan.
• Divorce: A split of finances during a divorce can often lead to mortgagee in possession sales.
• Debt: Repayments from other sources such as credit cards, student loans, financed vehicles can restrict the amount of money available for your mortgage.
  

When Can Mortgagee in Possession Be Enforced?

The Property Law Act 1974 features several requirements a mortgagee must meet before a mortgagee in possession process can begin. Firstly, the borrower must miss a payment on any part of the loan. From there, the mortgagor must be given a notice from the mortgagee requiring payment of the missed payment.

If default on the payment continues for 30 days from the date the notice was served—a mortgagee in possession can be enforced. To find out more about the process from one of our agents, get in touch today on (07) 4774 4844.

So, How Do We Help?

When it comes to mortgagee in possession cases, the mercantile agents from Vanguard Mercantile help lenders recover possession of the property. We prepare and provide all of the required documentation to serve to the borrower.

Naturally, in cases like these where issues of finance are involved, tensions can be high when it comes to serving documents to the individual involved. Rest assured, our agents will deliver all paperwork in a professional manner and treat every client with respect. Our services are available to clients throughout North Queensland—including Townsville, as far south as Mackay and surrounds, to as far north as Cairns and surrounds.

Why Choose Us?

At Vanguard Mercantile, we pride ourselves on our exceptional communication skills and providing high-quality conflict management services. No matter how difficult or emotional the situation at hand may be, our agents will help you communicate effectively and make sure you’re putting your best foot forward. If you have an urgent case you need sorted quickly, we can provide same day document serving services for a negotiated fee. Contact our team for more information.

Respond promptly with a phone call to prevent further attendances, especially if you are not the person the card was left for. The Agent will advise you of the next step. If you are unsure how to respond, please see ACCC guidelines for Dealing with Debt Collectors.