Hey, what’s up?
I am an investor from the U.S.A but I’m seriously thinking of relocating to Australia. My main business here in the States is foreclosure mitigation or foreclosure counseling. Basically, what I do is when a homeowner defaults on their mortgage I negotiate with the lender a workout plan to keep the person in their home and avoid bankruptcy.
My question to you is this. Where would I find the laws that govern repossessions/foreclosures in Australia? In the USA each State has it’s own laws regarding foreclosures. Where would I find more information about the foreclosure process in Australia?
Thanks,
Mitchell
What usually happens here in Aust. is with bank foreclosures the property is auctioned off by Real Estate agents on behalf of the banks, this is to be seen as totally impartial (and to avoid messy court case for under selling the property), so the banks basically do it this way.
Council foreclosures usually happen the same way (council gives properties to RE agents to auction off). Though some councils do sell them off by themselves (to reduce costs, but still through an auction) but it it’s really up to the individual council.
The best thing to do would be to ring up Anthony Cordato of Cordato Partners as he is up to date with American techniques and how to do them in Aust. Their phone number 02 9290 2773.
If you’re ever in Syd. or find out more about the process for Aust. let me know (PM me, or email me). I am fascinated by the concept (BTW: Do you know of John Burley?).
Rgds.
Lucifer_auHey, thanks a bunch. I didn’t quite understand most of what you said (naw, I caught a lot of it) it has given me a good place to start doing some research. I’ve never heard of John Burley but I did a quick search on him. I’m going to have to check out some of his stuff.
Does Cordato Partner have a website? I couldn’t find it by searching Google. I would rather send an email, cause you know, international rates suck.
If you want me to tell you a little more about the default management just let me know. It’s a good processes and pays well too.
Peace.
Mitchell
I think it is http://www.businesslawyer.com.au
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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