"APPLY NOW."

Auckland Star, Volume LXVII, Issue 286, 2 December 1936, Page 8

"APPLY NOW."

MORTGAGE RELIEF.

MINISTER'S ADVICE.

PROVISIONS OF NEW LAW

ADJUSTMENTS NEXT YEAR.

"Apply immediately." This is the advice of the Attorney-General, the Hon. H. G. R. Mason, to all persons who desire to take advantage of the Government's mortgage adjustment legislation.

"Even if people want a continuance of benefits they are now receiving under Acts of the past, it is still necessary for them to make application under the new law," he said.

Referring to the appointment of 14 adjustment commissions under the Mortgagors and Lessees Rehabilitation Act of this year, Mr. Mason said that they should be adequate for the immediate work to be undeittaken, but it was anticipated that when all applications were in there would have to be reorganisation and a substantial increase in the number of commissions.

"The last day for making application for relief under the Act is January .51 next," said the Minister. "It is expected that by that date there will be an immense number of applications lodged, and tlie number of commissions will be increased accordingly. The aim of the Government is to dispose of all cases during the coming year, in order that all parties may have an assured basis upon which to look forward to the future, and the country will be free of the disturbance of fi'irtber legislative adjustments 'of this nature. Protection Abolished. "Many people now receiving protection under former statutes in respect.to their mortgages possibly do not realise that the new Act does away with that protection. These people must reapply under the 1930 legislation. The great majority of present mortgages are long overdue and have not been called up because of the protection given by former Acts. All these mortgages may now "be called up by the mortgagees Eriviii"- three months' notice at any time, unless an extension of the term is under the Act passed this year. This extension can be obtained iy lodging an application before January 31 next. "Booklets giving information are obtainable at all post offices. These explain the Act, and application forms are obtainable by writing or on application to clerks of court.. Mortgagors are advised to consult their solicitors not only in respect to filling in the forms, but also as to what form of relief is best suited to tlieir individual cases. Specially low scales of fees have been arranged with solicitors by the Justice Department for the performance of work under the Act. In the . event of an applicant not being able to obtain legal assistance, clerks of court will assist in the filling in of application forms. _ "Lessees have the same right in respect to their properties as mortgagors, and so also have purchasers wlio hold property under an agreement for sale or purchase. In the latter case the purchaser is treated as the owner and the unpaid purchase money is treated as if it were principal secured by the mortgage. Crown tenants and mortgagors of the Crown or any Government Department have the same rights to relief as if the opposite party were a private individual. interest and Rent. "The legislation which reduced interest and rent some years ago is made permanent, but in the case of interest this will be of little avail where the principal of the mortgage is overdue, unless the mortgagor applies for a review of his position, as the mortgagee otherwise is entitled to call up the mortgage. The remedies that may be obtained differ in the case of farm mortgages. home and other mortgages, but all mortgagors must make application before the expiry date already mentioned if they desire to obtain relief.

"January 31 should be thumped into the heads of the people who are affected by the mortgage legislation of the Government. Those who want relief should not come forward on February I and say 'I did not understand that the applications should have been in before.' My advice to all those who wish to benefit by the legislation is: 'Do it now'."

The Minister said that in making appointments the personnel of former commissions had been largely availed of. The new commissions, however, had rather different and, in some respects, more extensive powers than those formerly appointed. In conscquence the Government had deckled that it was expedient to include in the ar>pointments additional members having the requisite qualifications for the work that had to performed.