Hi
Would anyone perhaps have any insight into this?
Essentially my query is, in circumstances where a borrower has two housing loan agreements with two different lending institutions, with both securing the same primary residence, does
(i) Each bank have to go through the mortgage arrears resolution process
or
(ii) Once one of the banks has gone through the MARP, does the second bank need to do so also?
So for example, if bank A has initiated a MARPS process with the borrower and the process concludes, does bank B then have to go through a seperate MARP process or can it simply demand its loan and pursue its enforcement options outside of any CCMA considerations?
Would anyone perhaps have any insight into this?
Essentially my query is, in circumstances where a borrower has two housing loan agreements with two different lending institutions, with both securing the same primary residence, does
(i) Each bank have to go through the mortgage arrears resolution process
or
(ii) Once one of the banks has gone through the MARP, does the second bank need to do so also?
So for example, if bank A has initiated a MARPS process with the borrower and the process concludes, does bank B then have to go through a seperate MARP process or can it simply demand its loan and pursue its enforcement options outside of any CCMA considerations?
