Foreclosure Melbourne Australia: Your Options to Stopping Foreclosure

Foreclosure Melbourne Australia is increasingly becoming common. Getting a foreclosure notice seems to be the end. Fortunately, there are options for stopping foreclosure and keeping your home.

Foreclosure in Melbourne, Australia is leaving countless families homeless with just a few missed payments. But had they understood the process better, they would have realized there are actually available options to save the house or real estate property.

When you’re behind on your mortgage payments, you’ll anticipate receiving a foreclosure complaint and summons. However, do you know what happens next? You think you can still fight it out so you can keep your home? When financial difficulty hits you, it pays to learn as much as possible about foreclosure homes.

A foreclosure case is similar to any other lawsuit. The Plaintiff (bank) files a complaint in Court claiming that the homeowner defaulted on his mortgage loan. As such, the bank is entitled to foreclose its mortgage lien and exercise its right to sell your property at a foreclosure auction.
Once you receive the summons, you have to act on it within the specified period. Normally, between 20- 30 days. Your initial response is the most important document you’ll file with the Court. Here, you state either your admission or denial to the allegations of the foreclosure Complaint.

With the help of your lawyer, you can defend yourself by asserting your clear and exact reason/s for your default. Doing it can significantly increase the bank’s burden and expense in the foreclosure case and possibly win the case.

The potential end to any foreclosure case is a trial before the judge/jury for determining whose facts to believe. Without your affirmative defense, the bank proceeds with filing an affidavit after which the Court is required to enter a foreclosure or summary judgment without trial. Getting this kind of judgment can be done in just a matter of months.

The Court can put your property up for a foreclosure auction and then you’re removed from your home.

Presuming that your property was put up for mortgagee sales but the bank failed in its duty “to act in good faith” then you have every right to fight for it. The Commonwealth Corporations Law says that “a mortgagee in possession takes all reasonable care to sell a property at its fair market price. The interests of the borrower should not be sacrificed.”

Hence, the bank is supposed to go on advertising campaign to get valuations before selling your property. It is a case of ‘willfully or recklessly sacrificing the interests of the mortgagor’ if the bank sold your distressed property at a price far below its fair market value. Thus, avoid Foreclosure in Melbourne, Australia before it is too late.

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