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I need advise to help my brother with his borrowing from…

I need advise to...

I need advise to help my brother with his borrowing from bank, can you please tell me who I can speak to? thanks

Lawyer's Assistant: What state/territory are you in? It matters because laws vary by location.

Victoria

Lawyer's Assistant: What steps have you taken so far?

Nothing as yet but I can see that his house will be repossess by the bank soon when he fails to make payments

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I can give you a bit of a background. My brother is a compulsive gambler and last year he took the house and put it with Liberty for a loan. I don't understand how he can get a loan when he have a very bad credit rating. Anyway, last month he owed them about 6-7 payments and I had to pay them so they don't take possession of the house, but looks like he is defaulting again. It is hard to keep up with the payments as they charge very high interest and admin fee.

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Answered in 5 minutes by:
3/15/2018
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,704
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

Hi, I am Leon, a NSW Solicitor. I am reviewing your question and will reply again in a moment.

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Good Afternoon

Has your brother defaulted on the loan?

Is he the sole borrower and does he own the house on his own or is there another party involved?

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Customer reply replied 4 months ago
Hi Leon,He had defaulted on 6-7 payments and they threaten to take possession of the house. I made the payments for him and they had so much fees, legal fess etc.. charged to it as well. It is up to date now but I know this is going to be an ongoing thing because my brother cannot afford this loan.He is a joint owener with my mom and my mom is in a nursing home.

Good Afternoon

Is your mum of sound mind?

In order for the loan to been refinanced to liberty, both would have had to sign the application.

your mother can, speak with liberty and request that they not allow him to redraw on the loan but she cannot force him to make the repayments.

You would need to speak to the lending manager of the bank, and you can only do this if you have a power of attorney for your mother all with her consent. Without that the bank will not discuss the mortgage with you.

If the loan was given to him on the basis of false information, then that it could be a claim for negligence against the lending institution for allowing this to go ahead.

But in order to get the loan your mother would have had to sign the documents as well.

Do you have the details of the loan? if not deceive you can find a statement from the bank and this will add the details you require on it.

But in order to see the document and what was signed you will need to have a power of attorney for your mother to be permitted to access the documents.

If you wish to have a phone call to discuss this in more detail please elect a call or I can send you a request.

I hope this makes sense and is of assistance. If you have found my answer to be helpful, please rate me five stars so I can get paid for my services to you. You rating my work 5 stars allows me to continue to provide a service to those who require it.

I am happy for you to ask further questions on anything you wish more detail on.

Let me know if I have answered your question today.

Regards

Leon

Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,704
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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