MORTGAGE DEBTS.

Taranaki Central Press, Volume IV, Issue 337, 19 January 1937, Page 7

MORTGAGE DEBTS.

O Two More Weeks In Which; To Apply For Relief. Willi only a fortnight within which applications may be mad. under the Mortgagors and Lessees Rehabilitation Act, 1936, it is essential i that persons affected should make certain of their position in relation to their mortgage s and leases. Many people are quite unaware of their lia bilit it s in particular circumstances and have made the mistake of imagI ining that they have no need of the assistance available. Where a property is subject to one or more mortgages which have not yet. become due the mortgagor should consider the position when the day comes for him to repay tho 1 principal. He cannot depend on tho 1 mortgagee extending the mortgage and if he did he would then have to ■ accept the mortgagee’s terms as to rate of interest, terms of repayment, ! and so on. He cannot expect to be able to borrow on first mortgage more than tWo-thirds of the value of the property, nor can he reasonably’ expect to borrow anything on second mortgage because the supply of tho second mortgage money has virtually disappeared. When* his present mortgages fall due in 1938 he can rely only on the following means of paying them; the amount he can raise on new first mortgage (twothirds of the value of the property), any money he has saved for such purpose or can save before 1938. A pamphlet explaining the procedure can be obtained at any post office, and the forms will be supplied on application to the Court of Review personally or by post. The last day for making application is January 31, 1937.