Property Law Act Notice Help
Property Law Act notices need to be urgently rectified or you may lose your home. A “PLA Notice” (Property Law Act 2017 notice) can be unfortunate news when the bank wants to ask you to urgently make repayments or they indicate they want to sell your house, or warn you as you are not meeting your mortgage repayments. This is a very serious letter and should not be ignored. If you ignore it, you are at risk of being taken to mortgagee sale. Receiving a Property Law Act notice is serious, so you usually want to get help urgently and try stop the mortgagee sale
Property Law Act notices have serious consequences
A Property Law Act notice is typically issued when a loan is in default. It is issued pursuant to the Property Law Act 2007, an important piece of NZ legislation. For example it is behind on payments, expired, or been unpaid for too long. The lender may choose to issue the borrower with this type of notice. It is an extremely serious circumstance and may mean that it sells the house to recover the money.
Sometimes people have the unfortunate behaviour of ignoring the situation. That does not help, and often means that as time goes by, the situation becomes harder, or impossible, to resolve. That’s largely because there are timeframes and if you do not achieve certain things by certain dates, you can lose possession of your home. The problem is unlikely to go away if you do nothing about it.
Get help if you get the PLA notice
If you have received the PLA notice it’s important you urgently seek help. You usually may wish to seek the help of a suitably qualified legal expert. You may also wish to seek help of a suitably qualified financial expert specialising in this. Mortgage Rescue is a service provided by Just Financial that can try to help in the event you get the PLA notice.
There are serious consequences and problems if you ignore it. You can expect that you will get a timeframe to fix the situation, but after then, it expires. The lender may then choose to sell the property, or get a real estate agent to sell it for example. You could lose your home. Consumer Protection has a useful website that explains more about what to do when things go wrong.
Being in mortgage arrears or failing to pay your mortgage, or having a reason your loan is in default, such as having an unacceptable caveat on your property, can mean that you could face a Property Law Act notice. This type of notice gives you a very limited time to rectify the default or issue with your home loan. If you fail to remedy it on time, you do not get an extension normally. You get harsher and more severe consequences. You may want a qualified lawyer to discuss with you what this means.
Financial help could save you from the Property Law notice or “PLA Notice”
Whilst there is no guarantee of an outcome, if you quickly refinance the home, you can get additional time to save you from the PLA notice. You may need to find an alternative such as selling the home and finding time to recover.
You might be able to refinance your home and get help to get out of the difficult situation. This might be available even if you have little or no income, credit issues, or the inability to pay the mortgage by yourself. A skilled mortgage expert who understands non bank lenders may be able to help you.
However if you take too long, don’t comply, or your situation is difficult, you seriously risk losing your home.
Default interest and penalties
You can expect that if you have defaulted on your loan, that the lender or bank may charge extra fees or costs, these can include default interest, late payment fees, extra interest, legal costs, and more. That also adds to the reason why it’s important to get help early as possible.
Get help now before it’s too late
If you have received a letter of default, demand letter, or Property Law Act notice, you need to get help urgently. Contact Mortgage Rescue’s website or call now for urgent assistance. You also would benefit from getting suitably qualified legal advice.
Call us urgently to discuss your needs and for us to help you.
Here are different ways you could be helped:
- PLA rescue mortgage – Your mortgage is rescued
- Restructuring your mortgage.
- Help if you’re experiencing hardship with your mortgage, falling behind on payments
- The bank has sent you a demand letter
- Get a mortgage even if you have no or little income
- Help even if you have credit issues
- Refinancing your mortgage or major debts.
- You will be assisted by a financial adviser.
- It is also recommended to consider seeking separate legal advice.