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VIC Repossession of Parents' Property

Discussion in 'Debt and Bankruptcy Law Forum' started by Pratter, 22 November 2015.

  1. Pratter

    Pratter Member

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    I need help. My parents were signed on as guarantors due to not being able to subdivide property so they realigned their 60acres to my brothers with 7acres. My parents never receive a statement or copy of the paperwork nor were they told anything until the sheriff turned up and said he was padlocking the gate on Monday.

    Long story but they were never told of the defaults or received a warrant for possession. My mum tried to get an early release of her superannuation which was approved, but then they rang the lender who said she wasn't liable. Then she tried for financial hardship and was declined.

    Their property is worth 1.3 million. They will be taking possession of the entire property in Jan. They were never served any court docs., etc. I need to put a stop to the possession order ASAP, as my parents who the lender now signed on as borrowers without their consent, cannot get a loan to pay out the five hundred thousand to pay out my brother's loan. How do I go about it?

    I have grounds that the order would not have been successful if we had been served and attended to defend ourselves. Please help.
     
  2. James D. Ford - Solicitor

    James D. Ford - Solicitor Well-Known Member

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    Hi Pratter,

    So that I understand...

    As they were not able to subdivide the Property, am I correct in assuming that the Property is on 1 title, and consists of 67 acres, and your brother lives on 7 acres of the Property.

    What do you mean by they realigned their 60 acres?

    What name /s are on the title to the Property? Your parents? Or your brother? Or both?

    I await your responses, before proceeding further.

    Kind regards
     
  3. Pratter

    Pratter Member

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    Hi, yes it's one title and can't be subdivided so they realigned the boundary and made a new title of 67acres. My parents were guarantors but have now without their knowledge signed a borrower's as well as my brother. My brother no longer lives there or pays anything. My parents have been making the payments according to the deed in place. Thank you for your reply BTW

    Regards
     

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