Loans and Mortgage Disputes
When you take out a loan or a mortgage, you provide security to the lender in some form. Usually the security is in the form of a mortgage over you home or a commercial building you own. If you can’t pay, the lender takes possession of that property under the mortgage.
However, there are ways you can use the law to your advantage to renegotiate for better terms, or prosecute if the lender is overly aggressive or does not comply with legal obligations in their attempts to repossess your property.
Or, if the shoe is on the other foot, and you’re the party trying to get payments made on the loan you lended to a borrower, our experienced lawyers can help move the process along for a quicker, more cost-effective resolution.
What if the bank wants to take my home?
Depending on who you borrowed money from, we can help you by taking your case to the Australian Finance Complaint Authority. We can claim hardship issues under the National Credit Code and give you some breathing room on repayments.
If you would like to help friends or family to purchase a house, you are able to lend them money privately.
For example –
You lend your friend $100,000, with either a caveat or mortgage on their property as security. If your friend doesn’t pay what is owed to you, you can sue to get repaid or to take possession of their property under your mortgage to enable you to sell the property to get your money back.
However, it can get messy if there was no written contract between you and your friend and no security.
A handshake deal is capable of being enforced in the eyes of the law, but you may have trouble proving your claim with the Court when there is no written agreement or your borrower may claim the loan was actually a gift.
What is the difference between a loan and a gift?
Simply, a loan needs to be repaid, a gift does not.
When lending or giving money to someone privately, you need to be very clear on your intention. You may loan someone money expecting it to be repaid, while they may believe it is a gift.
Creating a written loan agreement, from Mackinnon Jacobs Lawyers is the safest way to ensure there is no confusion.
Mackinnon Jacobs Lawyers have a wealth of knowledge to access. Our professional lawyers are here to protect you from any loan and mortgage disputes, to bring peace of mind.
If would like our experienced lawyers to provide you with personal, tailored advice, call or contact us via email.
Would you like to know more?Contact our litigation expert Richard Kent on 1300 424 452 to receive personalised advice about your case.