Often real estate databases often have telephone numbers for the property I used to subscribe to one, but it only had NSW properties.

Of course, this is only of use if it is an owner occupied ppty. If it turns out being a rental, you could try the white pages, etc.

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If a mortgagee takes possesion of a property and sells it, and there is a shortfall, they will go after the person who borrowed or guarranteed the loan for this shortfall. They will be taken to court if necessary and a judgement may be issued.

Once they get a judgement, then they have to enforce the judgement. they can do this by getting court orders to take possession of property (cars etc), garnish wages or bank accounts. If all this doesn’t work, they can then apply to bankrupt the person.

There is not much a person can do to avoid this. No lender is going to negoitate a mortgage contract to exclude the possibility of this happening – unless maybe if you are a very big client.

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Elka

Just reading through that new trust book now, it seems trusts are fairly safe in family law situations. Though they may not be 100% safe better off with one than not.

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Hi Elka

The book is $250!!!!!!. It is fairly easy to read, I think, much easier reading than Chris Batten’s stuff, but a bit more advanced than Dale Gatherum Goss’.

Check out some libraries before purchasing. (They have it at UNE Law library)

http://www.cch.com.au/fe_ps_details.asp?product_id=4697&topic_code=3&top_selling=true&bhcp=1
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He could argue that you purchased his share as trustee for himself. A lawyer should be able to draw up something to document this.

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When I went to the intro seminar, I (and many others) got the impression that the 4 day seminar was on investing. Well, the first 3 days were on mental development/motivation type stuff. This is fine if you know what you are signing up for. The forth day was on investing, but I found it a bit general, and some things similar to what I had read in a John Burley book (so why pay for that). There was a few advanced techniques, but gone over very quickly with most of it going over people’s heads.

The 5th day was an extra course and was on options trading. half the day was taken up with basic share type questions, and explaining what an option was. Imagine going to an advanced options trading seminar when most of the audience had never even owned a share in their life before.

Incidently, there was nearly 200 people there when I went. Cost about $5000-$5500 per person.

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Xenia

I agree. But Super is complusory, so why not set up your own fund so you can control it yourself.

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If you sell, you can increase the loan and claim the interest. The released funds then can be used to pay down the home loan, and you can still claim the interest – as the purpose of the loan was to buy an investment. May not work in all cases.

Anotehr option is to sell to your trust.

Another way to channel equity into your home loan is to borrow all expenses from a LOC and put the money you would have used into your home loan.

Still a further way woudl be to borrow some money from the LOC to pay the interest on the home loan. Some accountants are not happy with this, so please check first.

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Hasn’t it already burst?

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Why not give your bank another option. Ask them to increase the loan on your investment (separate account) and then use this as deposit on the new home loan – maybe even with a different bank.

That way you can keep the 2 loans separate and not cross collateralised. This will give you more flexibility in future and create less risk.

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