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Thanks Terry, Dom may well be using a scare tactic here but she stated that banks can use the all monies clause in every mortgage to take what is not theirs. Eg 800k house 400k mortgage, 200k still owed – she stated that the bank can send an employee to London for investigations and charge to the recovery, in fact just add a who heap of expenses and fees and that usually the owner gets nothing of their equity. The suggestion is they can do this as there are no other registered interests. Does this happen? Is it common? Are the banks ethical? Would the pundit in this case be given back his (400k+200k – minus forclosure and selling costs) equity.
Do you have information on typical forclosure and selling costs?
I have attended many mortgagee house inspections = all seem badly prepared, the agents make it clear that any bid on the day could secure the property. So if the property was sold for 600k, and the bank believes it spent 50k on cleanup – does the owner get back 150k??
I was attracted to her proposal because the remaining equity is locked into an unregistered second mortgage noted on title with a caveat. She states that this unregistered mortgage ‘Indefeasibility of title means that once our trust registers on the title it can control the equity remaining in the property’. She also says the unregistered mortgage can be used to procect other personal stuff.
To work, the trust in not in my name, but someone I trust. I am the appointer, the trustee is essentially a puppet. Based on Rockefeller principle of Own nothing, control everything.
Hi Terry, Was reading your comments on Dominique Grubisa’s scheme yesterday. Her/My fear is the all moneys clause. She asserts that a bank uses this in bankruptcy to extract all available assets in the property. Her caveat is purported to safeguard the asset value in excess of the mortgage.- without incurring stamp duty to transfer property to trust. Is there any updates on this. Has her trust been proven to work? I live in Victoria. I already have a trust and company.
