Debt Collection Specialists | Sydney | LCollect
Debt Collection Agency | LCollect

Debt Collection News


At LCollect we believe that knowledge is power. Every month our debt collection blog gives you practical tips, stories and news from around Australia and the world.

Claiming through Lenders Mortgage Insurance

Monday, April 23, 2012 - Posted by Philip Harvey

Currently sales of properties are often resulting in a loss and possible claims against the two main mortgage insurance companies.

Both Genworth and LMI have similar claim systems with claims broken up into “buckets”.

The difference between the two is Genworth cap their allowed charges will LMI have a case by case look at the action taken and costs incurred. LMI however does have limits set for individual lenders within the contract and these should be looked at by the lender.

In conversation with both they believe that legal action is the last resort and all other avenues should be looked at including mediation/hardship and owner sale of property. In fact one LMI provider stated that if they believe the legal action is unwarranted and there is a better way to resolve the issue they will step in to try and resolve issues.

Below is a list of Genworth current  max charges as stated above LMI have no max charges unless specified in contract with lender.

 

                   GENWORTH  LMI  LIMITS

 



 


1

Legal Fees max. $10,000

 

 

 

2

Rates – Municipal   n/a

 

 

 

 

3

Rates – Water    n/a

 

 

 

 

4

Strata Levies   n/a

 

 

 

 

5

Registration fees on discharge of mortgage   n/a

 

 

6

FID & Other State Taxes n/a

 

 

 

7

Agent Sale Fees max $2,000 + 3%, up to $25,000

 

8

Valuations max. $500

 

 

 

9

Repair and protection max $3,000

 

 

10

Property Presenters max. $1,750

 

 


Recent Posts


Tags


Archive

Copyright © LCollect 2018 | All Rights Reserved | Licensed Mercantile Agent License #409661517 | ABN 44 089 892 688 |
Australian Credit Licence #430659
HomeSite Information | Privacy Policy