Hi
Now I have to sign a form to give “the bank the authority to date and fill in any blanks on the mortgage or any other documents I signed” and have given to the Bank already.
This is rich. I rang the bank and was told I have to sign, I have no choice. I think this means that even though the bank has security over the property, they can change my elected account to be used for mortgage payments in the case where I may default, and take monies from any other account that I have. This means the security is over the said property and any other asset I have with the bank.I do not want this. So how can I get out of it. Is there any wording I can add to the document to ensure that they only date or complete the Mortgage transfer document and not any of my account documents??
Help would be greatly appreciated??
Many thanks in anticipation?Jules
JULES1
Email MeMaking your payments on time will not cause you any problems. If you have other accounts with them and you do not pay, they can always access those funds held in other accounts. No wording will help you but you can always change your account to another bank. Then they will only be able to access the one you sign an authority for.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksThanks Mortgage Advisor.
Can you believe I have been reading about this for a couple of years in preparation for the first purchase.
And here I am during the first purchase having freak outs about different aspects of what I have to sign and give to the different parties. Nothing like going through the experience of it. Although I am still glad I did the ‘learning from a book’ first.
cheers
JulesJULES1
Email MeIt can be very daunting going through it alone. That is also why I suggested a mortgage adviser in the other thread. If they are there, willing and able to help at no cost to you, you could just meet with them and learn.
It is very hard to learn from books in Aus as things change very quickly and by the time a book comes out, many things have changed. Also, on forums, it is difficult to get complete responses with providing all the details. Much of the information provided is very general.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential Links
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