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Importantly, the mortgagee’s registration of your mortgage entitles them to a redeemable interest in your property until such a time as the mortgage debt is discharged. This interest is measured as the difference between the amount of mortgage debt remaining and the value of the mortgaged property, and is termed a ‘mortgage covenant’ which remains affixed to your registered title until such a time as you dispose of the property or the mortgage itself. Typically, the right to enforce this redeemable interest is stipulated by the terms of the mortgage contract and a contravening event which triggers a breach of it. In the current circumstances, you defaulted on your agreed mortgage contract repayments from September 2008 and this has resulted in the mortgagee issuing you with a notice of default. Under s76(1) of the TLA 1958 — the mortgagee must provide you with a notice, in writing, informing you of your default and respective ways in which you can rectify the breach in accordance with s80(3) of the Consumer Credit Code (Vic) .