I was $19,000 in arrears on my mortgage, the bank asked me to make it up by paying $2000 a week I managed that for about 6 weeks then resumed normal payments because we were going into the winter season which always slows our income so effectively I paid about $6000 off the arrears.
so nothing was said from the bank.
we had a vacant block of land which secured the mortgage along with our house.
we had put the land up for sale with a real estate agent as the cheapest block of that size in the area at $185000 we were in a position to drop the price by 20 or 30 thousand, but when I checked with the real estate he informed me that the block had been repossessed, we had no notice of this.
the block was sold for $119000 no notice was given to us of the sale or the sale price.
we lost the opportunity of selling the land ourselves and making 40 or 50 thousand from the sale, this all happened 3 years ago we have just received that documentation 3 years later. Has the bank broken any rules here.
Read more: Bank repossession without written notice?
