SA Property Settlement - Ex had House Repossessed - Foreclosure Procedure?

[APMAR41]

My former husband had our home repossessed by the bank and it sold at auction some weeks ago. I only found out about this via the internet. He still owes me money from the property settlement as set out in a financial order we had made when we split up. He did not inform the bank of this.

I want to know what I can do now and what the procedure is regarding bank foreclosure in South Australia. Also, how long will it take to settle debts and what happens to the surplus funds from the sale, if any?

 

[Victoria S]

Repossession powers of a mortgagee are spelled out in your mortgage document and in particular what notice must be given. Notice can be given if there are any arrears of payment. If you don't take action within the time given in the notice, a mortgagee usually needs to serve a notice of intention to repossess allowing at least one month to rectify the breach. After that period repossession can take place.

Generally your bank will get a lawyer and a process server to prepare and serve the notice of intention to repossess. An accountant may then be appointed to act for the mortgagee to organise it for sale. A land agent may be used to advertise the business for sale. Under the mortgage document a bank can generally can recover all its costs, including fees for its own time.