WHEN IT’S NO LONGER BUSINESS AS USUAL,

Mortgagee In Possession
Sales Agent

MORTGAGEE IN POSSESSION SALE

When a borrower repeatedly defaults on the repayments for a secured loan, the lender may take possession of the security for the loan (typically property). The lender, often a bank, will sell the property to raise funds to cover the outstanding debt and any costs.

Corporate Lifeline has already rescued hundreds of individuals and businesses, and also helped many more through their most stressful financial times.

We offer a number of solutions to restructure your personal affairs, to help you turn around/resolve your financial issues.

GET IN TOUCH

WHAT IS AN AGENT FOR MORTGAGEE IN POSSESSION?

An Agent for a mortgagee in possession is tasked by the lender with selling the property that is security for the loan for the best price they can achieve. Funds received are used to pay the outstanding debt. The property is normally sold via auction.

In stressful times, It can be difficult to understand what steps you can take to address your financial problems.

At Corporate Lifeline, our friendly, experienced team are able to provide expert advice on a number of solutions to reach the best outcome possible.

GET IN TOUCH

FAQS

What is a power of sale?

A ‘power of sale’ clause is normally included in Australian mortgage agreements. This a condition of the loan that allows the lender (the mortgagee) to take possession of the security for the loan (the property or other asset). The property is normally sold for the best price available to settle the outstanding debt.

What happens if the property sells for less than the market value?

The mortgagee should take reasonable care to sell the property for market value or, at least, the best price they can. However, the mortgagee is not legally obliged to sell the property at a time convenient to the borrower or to wait for a rise in market values.

The mortgagee’s concern is to cover all, or as much as possible, of the outstanding debt, even if this means they sell the property for less than the market value.

What happens to the funds from the sale of the property?

The first priority is to repay all, or part, of the outstanding debt, plus any costs incurred by the mortgagee. Any surplus is made available to the owner of the property.

If the proceeds of the property sale don’t cover the outstanding debt in full, the lender may pursue the borrower for repayment of the remainder of the loan.

OUR INSOLVENCY ASSISTANCE SERVICES

At Corporate Lifeline we have an array of services to cater to any phase your business is in financially.

Liquidations

Voluntary
Administration

Bankruptcy & personal insolvency agreements

Receiverships

Small Business
Restructuring

DOCA

GET IN TOUCH

REAL PEOPLE, REAL REVIEWS

★★★★★

My experience with Corporate Lifeline has been exceptional. They have transformed what was initially a highly stressful situation into a smooth and straightforward process. Their attentiveness, thoroughness, and professionalism, have provided me immense relief.

Brendon Spencer

Geelong

★★★★★

I reached out to them when I was feeling overwhelmed by debt collectors. They took care of all my financial matters, liaised with my creditors, and enabled me to regain control of my finances. I am very grateful and want to thank Corporate Lifeline for their help.

Cliff Forsyth

Coffs Harbour

★★★★★

Having traded successfully for over 15 years, it was devastating to realise that losing a key client would put our company into insolvency. But after speaking with the team at Corporate Lifeline I could see that we should’ve called them six months earlier. They were informative and supportive from the outset, which would have avoided months of stress and sleepless nights. Restructuring our company through the Voluntary Administration has put our company in a strong position and is now growing again. We are grateful for their time and expertise.

Kate Davy

Perth

★★★★★

The Corporate Lifeline advisor provided outstanding service and support through process of the liquidation, and at a reasonable cost. They handle the majority of the paperwork, requiring only minimal organisation from my part to complete the process.

Chrissy Yu

Redcliff

★★★★★

I found Corporate Lifeline to be very understanding of my situation. I was so stressed about my company being in jeopardy but I can relax now, knowing that I was given a solution and I can carry on trading.

Erin Djemal

Sydney

★★★★★

After meeting with Kathleen, we felt that we’d met someone we could put our trust in and who would leave no stones unturned to help rescue our business. Kathleen took early decisive action to reduce costs, maintain the loyalty of customers and key staff and find a viable way forward for our company. I found them to be very approachable and well connected, which was instrumental in turning our company around.

Mark Griffin

Wollongong

★★★★★

It was a hard pill to swallow but it had to be addressed. I made the call to Corporate Lifeline and they were extremely helpful. They helped us to explore the possibilities to find any way forward but Liquidation was going to be our best option for the business. The process from very straight forward for us and there was a lot of help and lots of contact with them throughout the whole process.

Tony Cameron

Brisbane

★★★★★

Communication was provided with a swift resolution and most importantly, without any judgment. I wholeheartedly recommend this service.

Brian Yang

Adelaide

★★★★★

The advisor who returned my call was incredibly helpful and alleviated my concerns. I had initially believed our company was facing significant challenges, but she provided clear guidance and steered me in the right direction.

David Rogers

Rockingham

FIND OUT
HOW WE CAN HELP YOU!

Download our FREE guide to resolving your financial difficulties and return to normal, successful trading.

DOWNLOAD FREE GUIDE

SPEAK TO AN EXPERT TODAY

If you find yourself in a situation where you need financial advice for your business, let us help you.

Mortgagee In PossessionSales Agent