Do you need expert legal advice on mortgagees’ rights, or on any other financial matter?

Do you need expert legal advice on mortgagees’ rights, or on any other financial matter?

If you need swift, incisive legal advice on any matter relating to mortgages and the rights of those who have loaned money to buy property, award-winning law firm Parris Whittaker can advise. With many years’ experience in all aspects of financial and property law, Parris Whittaker’s expert litigators work with clients from individuals to large-scale corporations.

A key indicator of financial growth is willingness to lend – and as we see more businesses offering mortgages for commercial or residential properties, more and more mortgagees are seeking expert legal advice on their rights.

Mortgagees’ rights

It is important that mortgagees are very clear on their rights, in order to protect their investments, and see a good return on their money. Once a loan has been made, the law offers some key protections to mortgagees:

  • Selling Rights. If the borrower does not return the loan within the agreed timescale, the mortgagee has the right to sell the property by auction in order to recoup their money.
  • Debt Refusal. If the borrower breaches the mortgage agreement and fails to return the loan, the mortgagee can apply to court for a foreclosure order.
  • Shortage of Money. Property does not always gain in value. If on selling the property the amount is less than the original loan, the mortgagee can recover the balance from the borrower – but will need a decree from the court.
  • Adjustment of Payment. Once a property is sold, the mortgagee has the right to distribute the money, taking into account factors such as interest and other charges sustained during the sale.
  • Joint Mortgages. If the loan is taken out by more than one person and the property bought jointly, the mortgagee can bring a suit against all of those involved if the money is not returned.

Expert advice on complex issues

There are a number of other, more complex issues that a mortgagee should bear in mind, and on which the expert lawyers at Parris Whittaker can advise clients. For example, in what is known as a ‘usufructuary case’, the mortgage will not have the usual right to sell the property. Instead, the property can be retained in possession of the mortgagee until the loan has been repaid.

When this happens, it is important that the mortgagee should be aware of their liabilities, as well as their rights: they must not either damage or alter the property, rent must be properly collected, and it must be fully insured.

It is clear that in order to protect investments, mortgagees should ensure they secure the best legal advice. As award-winning lawyers with a reputation for providing incisive, intuitive legal advice, Bahamas law firm Parris Whittaker should be the first choice for those seeking legal help.