If you’re wondering what the process of repossession is in Australia, you’ve come to the right place. Repossession can be a difficult and confusing time as each case of repossession is often different. This means that it can be difficult to know which steps may be taken against you, and when.
Generally, there are several steps a lender must take before any sort of repossession can occur. From sending a default notice, to serving a summons, there is generally a process in place that must occur before your lender may be able to repossess and sell your home to recover any overdue repayments.
Read on below to find out more about what happens when the bank repossesses your house.
When you take out a home loan, your house is held by your lender as security. This means that your lender can repossess and sell the house if you fail to make repayments according to your loan contract. Repossession refers to the process when a lender takes possession of a property and sells after the homeowner fails to make their mortgage repayments.
When these steps happen, generally, it does not mean that foreclosure has to occur. J Daniels & Associates can help to stop a repossession from happening by negotiating with your lender on your behalf or exploring other avenues of help.
J Daniels & Associates has more than 40 years’ experience and has helped 1,000’s of people successfully.
We advocate on our clients’ behalf with banks and creditors to stop home repossession, as well as helping to stop those in bankruptcy situations from being harassed by creditors. You shouldn’t have to live in constant fear, and that’s where we can help.
We aim to provide support services to those who do not know where to look, or who are confused about where to turn during the bankruptcy process. Our helpful advocates can assist you when you need it the most. We can give you confidential help, expert debt guidance and help you to find a personalised solution.
We don’t have any hidden fees, so you won’t have to worry about any nasty surprises. In addition to helping you to improve your financial situation, we can assist you in finding a solution to your mortgage issues. If you need help and support, give us a call today for your free consultation.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
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