All Topics / Help Needed! / what to writte on a letter to a bank

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  • Profile photo of mauriciomauricio
    Participant
    @mauricio
    Join Date: 2003
    Post Count: 23
    November 10, 2005 - 1:34 am

    what to writte on a letter to a bank requesting the release of a house as a collateral security

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    November 10, 2005 - 2:54 am

    If you are refinancing to another lender then you will be required to sign a discharge of authority form provided by the outgoing bank, if this is the case then call the bank and request the form.

    If on the other hand your bank has security over two titles and the LVR on 1 title is sufficient security over the entire loan/debt, then the bank will carry out a valuation to confirm the new LVR and release the other title held as security,
    I hope this helps, Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of redwingredwing
    Participant
    @redwing
    Join Date: 2003
    Post Count: 2,733
    November 10, 2005 - 5:13 am

    There’s a good article at Ed’s site http://www.loansapproved.com.au if you are interested.

    REDWING

    “Money is a currency, like electricity and it requires momentum to make it Effective”
    Count The Currency With This Online Positive Cashflow Calculator

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