The lender sought possession but did so late because it had granted a number of indulgences to the borrower and was also delayed owing to an unsuccessful FOS complaint. The court granted the lender an extension of time. The borrowers did not file a defence, only a total of 12 affidavits. The borrowers argued that …
RHG Mortgage Corporation v Schafer [2014] WASC 297 Read More »
The lender sued for possession and the parties entered into a deed of settlement. The borrower failed to comply with the deed and provide finance approval acceptable to the lender for a specified sum but nevertheless attempted to pay that sum to the lender at trial. The court held that the borrower’s failure to comply …
The lender sued for possession and the borrower denied signing the mortgage but did not give evidence. The lender was given possession and the borrower appealed. The Appeal Court noted that where fraud is alleged, it must usually be supported by an affidavit setting out details of the defence, which was not done when the …
The lender sought possession of a golf course. One of the owners filed a defence in the form of a statement of claim. The other owner was bankrupt. The owners had agreed to develop the property and gave guarantees to secure a development loan, limited to the sale of the property. So the bank was …
The lender obtained possession but a stay was granted to enable the wife to make an offer to purchase the property. An extension of the stay was then sought by the wife The court refused to extend the stay because the wife had not acted with any speed at all to make an offer, and …
A father and son obtained finance to purchase an apartment and granted a mortgage. The loan went into default and the lender sued for possession. The father argued that he was induced to sign the loan and mortgage under the influence of his son and those agreement were void and unjust. At the hearing, the …
The lender sought possession but did not sue the guarantor. The arrangement was struck that finance would be provided to the guarantor’s company, and a new purchase contract was entered into to reflect this. The guarantor sought to be joined on the basis that the loan, mortgage and guarantee be set aside because the arrangement …
The borrower defaulted and the lender took possession. However, it was then agreed by deed of settlement that the borrower would repay the loan by year end. The borrower did not repay and requested further time, the lender refused and sold the property to a third party. The borrower sought to restrain the sale and …
AI Property Investments v National Funding Group [2014] VSC 315 Read More »
The bank provided three loans secured over the family home and a second property with a marina berth attached. No mortgage was taken over the berth. When the borrowers experienced financial difficulties, they tried to sell the berth, but the bank refused to release title for the berth and the offer was withdrawn. When the …
The bank obtained default judgment against the defaulting borrowers. One of the borrowers sought a suspension order on the basis that the borrowers agreed with the bank an arrangement to deal with arrears but the bank did not inform them about the increased level of repayments they were supposed to make. The bank did inform …
