Our fourth and last publication in our Practice Guide for Second Mortgages covering the area of defaults and effecting execution of mortgages is now available to download.
Lenders often leave considerations regarding default and execution of security until it becomes necessary. After all, who grants a loan expecting it to default? This however often leaves lenders without a plan, or with the wrong impression about what they can do if a default arises.
In this publication, we will be addressing the rights and obligations of lenders if a default happens, and provide you some important tips about responding to a default and exercising your rights under land mortgages predominantly, but also other security.
This publication is designed for second mortgages, but some of the comments in this publication also apply to first mortgages, and of course, apply to third and other subsequent securities for lenders with that risk appetite.
This publication, prepared by Banking and Finance Director, Nadia Sabaini, covers basic information relating to when a Deed of Priority is required and what it should cover, in order to be a purposeful addition to a second mortgage transaction.
To download your copy, click on the link below and scroll to the bottom of the page.
* The information contained in this guide is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.