We had been in our rental property approximately 4 months when the real estate advised us that the property was being repossessed due to the owner not being able to pay for it.
We have now been here 10 months and the real estate has just given us 60 days to vacate. We wish to possibly purchase the property but cannot find out which bank the mortgage was with. The owner wouldnt tell the real estate and the real estate told us that the mortgage company wouldn’t say either.
We have recieved nothing at all from court, bank or other notifying us that the property is or has been repossessed, just the real estate telling us that the owner and mortgage company had called notifying them and then real estate giving us 60 days to vacate.
Should we as tenants, recieved something from the bank notifying us what was happening and how can we find out who the owner had the mortgage with so we can make contact regarding our interest in purchasing the property?
Hi.
Sorry to hear about what’s happening.
This is a legal question, so advice might need to be sought. Some ideas though…
1. I suspect the property title will nominate the lender on it, so if you get a copy of the title you will see any encumberances – name of lender and mortgage number. Title searches can usually be done online, for a fee.
2. In my experience, mortgage defaults go to auction so the mortgagee in possession can demonstrate they achieved a market outcome.
3. I’m not sure that your status as tenant is protected in respect to notification, but I’d do some further research about whether your lease can be summarily terminated. What does the lease say? Perhaps call up the government entity that oversees residential tenancies? Does the 60 days conincide with the end of your lease? If so, there may not be much you can do.
Bye,
– Steve
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
I would have thought the mortgagee would have served papers of the tenant to get them out.
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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