61Application for foreclosure order

61 Application for foreclosure order

61 Application for foreclosure order

(1) When default has been made in the payment of the interest or principal sum secured by a mortgage or covenant charge for six months, a registered mortgagee or covenant chargee, as the case may be, or his or her solicitor, attorney, or agent may make application in the approved form to the Registrar-General for an order for foreclosure.

(1A) Prior to making an application under subsection (1), and subject to subsection (2A), a notice in writing of the intention of the mortgagee or covenant chargee to make the application must be served in the approved way on—

(a) the mortgagor or covenant charger, and

(b) all registered mortgagees, chargees or covenant chargees under registered mortgages, charges or covenant charges which have less priority than that of the applicant, and

(c) each caveator (if any) who claims as an unregistered mortgagee or chargee to be entitled to an estate or interest in the land mortgaged or charged, and

(d) each person (if any) who has lodged a priority notice and claims as an unregistered mortgagee or chargee to be entitled to an estate or interest in the land mortgaged or charged.

(2) An application under this section shall state—

(a) that default has been made for 6 months in the payment of the principal sum or interest secured by the mortgage or covenant charge,

(b) that the land, estate or interest mortgaged or charged has been offered for sale at a public auction by a licensed auctioneer, after notice was given (unless dispensed with under section 58A) in accordance with section 57 to the mortgagor or covenant charger and all other persons (if any) required to be given notice under that section,

(c) that the amount of the highest bid at the sale was not sufficient to satisfy the money secured by the mortgage or covenant charge, together with expenses occasioned by the sale, and

(d) that notice in writing of the intention of the mortgagee or covenant chargee to make the application has been served in accordance with this section.

(2A)

(a) The notice of intention to make the application may be given in the approved way to the NSW Trustee and Guardian if, at the time the notice is given—