Mortgage recovery

23
Apr

Court orders halt to recovery action on “predatory” loans to desperate business

Private loans with “stratospheric” interest rates exploited the financial desperation of a novice

18
Feb

Businesses drop $850k on incorrectly signed credit applications

An earthmoving equipment company has suffered defeat over a $500k personal guarantee debt due to sloppy credit control processes.

21
Jul

Solicitor sued on borrower mis-identification

A mortgage manager who negotiated a loan at the request of a broker has sued the solicitor entrusted

30
Sep

Borrower defeats NAB on home loan default, gambling wife a defence

A $400k NAB loan taken out in February 2004 was restructured in 2008 into a redraw facility on strict instructions that the borrower’s wife not be allowed

18
Jul

Lender barred on mortgage forgery clawback, innocent recipient keeps $225k

A lawyer whose signature was forged by her husband so he could fund a deposit on a stately family home at a prestige address had been “unjustly enriched” by the fraud, claims the lender, despite her being ripped-off by the scam. George Kalivoda wrote in the signature of his wife – Lisa Vescovi, a practising lawyer until the birth of their first child

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15
Jul

Perpetual’s low-doc home loans struck down for broker’s “exploitation” & originator’s reckless approval

A disabled couple has defeated Australia’s biggest non-bank lender in a court battle that saw their $228k home loan and mortgage declared void and unenforceable. Dale and Faith Burns – both partially blind with “no prospects of employment and nothing to offer but the desire to speculate in real estate” – gained approvals for six property loans totalling more than $840k

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16
Jun

Porsche payments due, ANZ takes slow lane in fight over fast car

A property developer who financed his new Porsche through a related company has argued in his bid to stop ANZ

16
May

Westpac’s $1 mil financial advice liability: spell out risks “in simple terms”, after-tax scenarios not enough

A millionaire media CEO whose investment goals included paying “little or no income tax” has chastened one of the country’s big banks and convinced

18
Apr

Magazine publisher puts BOQ to proof on printing press loan default dispute

A commercial borrower has defended a bank’s $1.9 million re-fi loan default lawsuit on the basis that

24
Mar

ATO fends off fanciful claims to clawback tax debt

A taxpayer has sued the Taxation Commissioner for $450k as a result of his failure to accept a $1.00 “Bill of Exchange”

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