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QLD Forced Sale of Rural Property by Bank?

Discussion in 'Property Law Forum' started by ona, 11 March 2015.

  1. ona

    ona Member

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    Can the bank force you to sell up even though you have never missed a mortgage payment? Due to an evaluation done in the drought when there was no grass, they now deem us not viable.
     
  2. Ivy

    Ivy Well-Known Member

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    Hi Ona,

    The answer to that question may depend on the terms and conditions you agreed to in the mortgage contract. Have you read through it thoroughly?
     
    Tim W likes this.
  3. Tracy B

    Tracy B Well-Known Member

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    Hi Ona,

    Like Ivy said, take a read of your mortgage agreement. In particular, look for (i) events of default clause; or (ii) mortgagee's right to sell

    Force sale of a mortgagor's property is a serious measure and the bank should not seek it lightly. If the bank is adamant on exercising their right to repossess your property and sell, you can challenge them on the grounds of improper exercise of these rights in court. You may also need to apply for an interim injunction to prevent the bank from taking action in the meantime.

    The court will generally only allow sale in extreme cases where the bank cannot cover their risk (or recoup debt) in any other way.
     
  4. ona

    ona Member

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    Thank you we will be looking into to it. Thanks very much
     

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