Success Stories - Case study

The following success story shows how Mortgage Mediators achieved a positive result for all, after all current systems in place failed.

• In November 2011, the mortgagor received a notice to vacate from the mortgagee.
• The case was not resolved by NSW Supreme Court, Financial Ombudsman’s Service etc.
• In November 2012, Mortgage Mediators Australasia resolved the case for all face-to-face.
• As a result of our intervention, the former distressed mortgagor remains housed.

Prior to our intervention the mortgagor and one of the big four banks/LMI were on a collision course. The result would have been another sad statistic, resulting in.

• The mortgagor being evicted and forced mortgagee sale.
• One of the big four/LMI suffering a forecasted loss of nearly $100,000.00.

This would have been a triple loss – for the borrower, lender and insurer.

Without the resolution facilitated by Mortgage Mediators, the result would have been a $100,000 loss as follows:

Delinquent mortgage statement	$372,000.00
Legal enforcement costs to date	$10,000.00
Non serviced account whilst in mortgagee possession awaiting sale and settlement (forecasted)	$15,000.00
Agent commission and marketing (forecasted)	$10,000.00
Sale presentation repairs  (refers to building and registered valuation report)	$13,000.00
Many other associated costs/mercantile etc. (forecasted)	$15,000.00
TOTAL	$435,000.00
Registered valuation for forced mortgagee sale	$335,000.00
Shortfall to discharge mortgage:	$100,000.00

We are happy to advise this was not the case due to our invited intervention. The borrower did not lose their home and equally important the lender/LMI approximately $100,000. (Customer result friendly)