May 2011
In recent years many home and business owners have experienced “Mortgage stress”. Similarly, many of the large finance lenders have resorted to Court Proceedings to obtain possession control and ultimate sale of land and other assets provided as security for defaulting loans.
It is important to note that any Borrower experiencing “Mortgage stress” can consult with our Firm and perhaps utilise the following efficient and cost effective ways of dealing with the Lender, namely:
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External Dispute Resolution (EDR) is a free service available through the Financial Ombudsman Service and Credit Ombudsman Service Limited.
A Lender must comply with their own industry Code of Practice and also with the National Credit Code. Importantly, while EDR is under way, the Lender must place any enforcement action against your property on hold. Obviously, this provides a clear opportunity for negotiation. Our Firm has been able to negotiate a Waiver of Legal Fees from the Lender and also Withdrawal of Claims for Default Interest Rates amongst other outcomes.
While you will need to pay for our Services on an agreed basis, Legal Aid NSW will also provide free legal advice in this area.
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Direction Negotiation
Most Lenders do not wish to forcibly sell your home.
Even if it is inevitable that you will lose your home, it is preferable for the Lender to reach an agreement with you for marketing and sale under your name.
Our Firm has a long record of success in fair dealing with Lenders and can negotiate for you without great cost.
If you need assistance call on Reg Gibson, Bruce Honeyman or Matt Howlin.