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Director12

24,249 Posts.

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20/10/21

17:50

Post #: 56946409
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Originally posted by sierra: ↑

That doesn't make sense.

There are conditions that must be met before a mortgage goes into default and a set time before the holder of that mortgage can take possession after those conditions are met.

If he wasn't in default of the terms of the mortgage the mortgage holder couldn't have got a court to order the repossession. Even if he was in default and the bank took possession and disposed of the property there are conditions to meet to ensure it is sold fairly on the open market with provisions to allow work to be carried out to improve the salability.

After all that any amount above the debt and costs must be paid to the mortgagor by the mortgagee.

Finally if the mortgagor was willing and able to pay the mortgagee the debt owed before the court order was issued and their lawyer had it documented that the mortgagee refused to accept payment the court could never have issued that order.

That's my understanding as a mortgagee who was party to repossessing a property from a mortgagor who defaulted.

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I guess when 'you' do it you have to follow the rules but when the banksters do it they don't? (like a lot of things)

Regardless, as stated numerous time in the vids the mortgagees (there was more than one property stolen) were not in default and had the money to pay out the balance.
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