watford Posted March 11, 2012 Share Posted March 11, 2012 Just a quicky if I default on my Australian mortgage can they make me sell my uk home no mortgage Thanks Alan Link to comment Share on other sites More sharing options...
Quinkla Posted March 11, 2012 Share Posted March 11, 2012 No... Link to comment Share on other sites More sharing options...
Freckleface Posted March 11, 2012 Share Posted March 11, 2012 This can be a little bit trickier than it might first appear. They will take whatever is securing the debt (the property or properties) and sell them. IF the property/properties fail to achieve sufficient funds to cover the mortgage they may be able to sue you for the balance of funds. At this point your UK property may come into play. None of this would happen straight away though. You would have to miss several payments and be unable/unwilling to service the loan and then go through the process of them taking the property etc. This all takes time. If you are likely to find yourself in the position of not being able to keep up with your repayments go and talk to your financial institution and seek expert legal opinion if necessary. Link to comment Share on other sites More sharing options...
Guest freddy911 Posted March 11, 2012 Share Posted March 11, 2012 As said above they can initially sell your home in oz to cover the outstanding balance, if this results in a shortfall and you fail to pay the next step could be they will make you bankrupt. At which point all your assets in any country would be fair game for the receiver. Not sure of the process in oz but in the UK the court appoints the official receiver to handle your affairs they will put a charge with the land registry on your properties and if they can get some money out of them they will sell to cover your debts and bankruptcy fees. Steve Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.