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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 42676
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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My daughter bought a couple of investment properties in a

Customer Question

My daughter bought a couple of investment properties in a mining town 5 years ago. Now the mining town in Queensland has collapsed - property values and rent and my daughter is no longer able to service the loans. She had taken lender's mortgage insurance for both the properties. As power of attorney I sold both her properties and settlement is due next month but the price at which the properties have sold is much less than the loan amount. Our bank has contacted lender's mortgage insurance and after that the bank has sent me 2 forms one detailing the financial position of my daughter and how much she will be able to pay back per week after property is settled and send a paper acknowledging the debt. It so happens that my daughter left Australia 3 years ago and settled overseas and she has a chronic & serious medical condition for which I have the documentation. Under these circumstance what do I as power of attorney do with the forms sent to me since my daughter has left Australia and has a serious medical condition thank u
Submitted: 5 months ago.
Category: Australia Law
Expert:  Leon replied 5 months ago.

Good Evening

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

Unfortunately Mortgage insurance does not protect your daughter only the banks. It covers any shortfall that the bank does not receive and your daughter then has to pay it to the insurer.

You cannot complete the documents. You have to go back to them and advise that she is no longer residing in australia.

She will have to provide something from her doctor that she is chronically ill and that she cannot work.

This is all you can do.

If she has no assets overseas then this also has to be disclosed by her not you.

You should not complete anything as you are only her POA and cannot have the necessary information.

You can tell the you have sent the documents to your daughter and she will complete them and return them to you.

You cannot do anything else. I hope this makes sense and is of assistance. If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon