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Does a bank have full recourse to your assets to send you bankrupt? …. The difference between Oz and the US.

An interesting article regarding the differences in mortgages between the US and Australia: http://www.abc.net.au/news/2017-12-27/full-recourse-loans-lower-defaults-but-may-increase-risky-loans/9276602
The mortgage in Australia allows a bank full recourse, including by getting a court judgment to go after your other assets and even send you bankrupt. It can be a lengthy process, however it is important to establish your legal position as early as possible, ideally as soon as payment is missed or a default notice is issued. Springdale Legal has recently assisted with matters that have progressed to the issuance of a Writ of Summons, but never a good idea!

By | 2018-05-26T09:47:17+00:00 December 27th, 2017|Springdale News|Comments Off on Does a bank have full recourse to your assets to send you bankrupt? …. The difference between Oz and the US.