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I LOAN MY DAUGHTER $380,000 IN 2006 FOR HOUSE DEPOSIT. WE HAD A VERBAL CONTRACT THAT SHE WOULD REPAY THE AMOUNT PLUS INTEREST WHEN I RETIRED because it was part of my super. SHE LATER HAD A DISPUTE IN COURT WITH A BUILDER WhO WON THE CASE against her AND PLACED A CAVEAT ON HER PROPERTY. 10 WEEKS BEFORE THE CASE WAS AWARDED TO THE BUILDER I TOOK OUT A SECOND MORTAGEE AND A CAVEAT TO PROTECT MY LOAN. CAN THE BUILDER APPLY TO THE COURT TO HAVE MY registered SECOND MORTAGEE REMOVED AS HE IS A SECURED CREDITOR. BUT BECAUSE THE BANK HAS FIRST PRIORITY AND I HAVE SECOND PRIORITY BY WAY OF MORTAGEE I AM WORRIED THAT HE MAY APPLY TO THE COURT TO HAVE MY SECOND MORTAGEE REMOVED which leaves me unsecured BECAUSE I TOOK IT OUT TOO LATE I also have a debt agreement between myself and my daughter signed and witnessed by a friend when I loan her the money. The builder says he will argue that it was a gift and not a loan so he will ask the court to remove the second mortagee. What is the possibility the court would remove my second mortagee. ps. because the builder won the court case she had to declare volantary bankrupsy ,which she is now in
Optional Information: State/Territory: NSW Already Tried: Nothing yet, but I want to take mortagee in possession to recover my money and get rid of the builders caveat. If he is successfull I will lose my superannuation as i will not be secured debtor and he will get second bite
Good Evening
Yes, I applied to the Commonwealth bank who has first mortagee and they allowed me to take second mortagee. All paper work done legally with them. It is a registered second mortagee
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