MORTGAGE TROUBLE

Sun (Auckland), Volume III, Issue 793, 14 October 1929, Page 10

MORTGAGE TROUBLE

HUSBAND AND WIFE BANKRUPT PAYMENT DIFFICULTY Difficulty in pajHhents to a second mortgagee brought a married couple, Frederick and Rose Rostanee, of Mount Albert, before the acting-official assignee, Mr. V. R. Crowhurst, this morning. Mr. E. H. North croft, representing the bankrupts, and Mr. J. Terry, for the second mortgagee, agreed to an adjournment for further investigation. Mrs. Rostanee had no assets and owed £1,350 to secured creditors. The value of the securities was £1,250, and the deficiency amounted to £IOO. Her husband has no assets and his total debts unsecured were £IOO. In her statement Mrs. Rostanee said she bought a house for £1,600 from the second mortgagee in 1923, a portion of the deposit of £250 was paid by her husband, who was required to guarantee the mortgage, although the house was taken in her name. There was a first mortgage of £BSO on the property and a second of £SOO was given to the second mortgagee. Eventually, payments could not be maintained and, under a threat of proceedings being taken, a petition in bankruptcy was filed. The husband said when difficulty was experienced ill payment the second mortgagee had been asked to take the property back. Bankrupt had offered the second mortgagee £SO and £25 toward the cost of transfer. Rostanee said he was not in a position to make an offer at the moment. To Mr. Northcroft Rostanee said the saleable value of the property had been impaired when the second mortgagee had conducted a sawmill and had used an incinerator on an adjoining section. Mr.. Northcroft said there were prospects of employment in Wellington for Rostanee.