many thanks, the only other option I can see is for the property to be repossessed and then I believe the debt would become unsecured again, but that doesn't help out our buyers or the fact that we'll still owe the estate agents and the solicitors a whole wad of cash for effectively nothing

cool that may help things, anybody else have any info?

Hi all I am trying to sell my house and there have been second charges granted by the courts on my property which will put me into negative equity. The solicitors dealing with the sale on my behalf are saying that the sale cannot proceed as the charge would remain on the property and this would prevent the new owners registering their details with the land registry. Is this true or will the remainder of the charge become unsecured again? also The debt isn't joint debt I had it before I took out this mortgage with my partner. With what little equity there is can the second charges swallow up her 50% as well? any comments would be greatly appreciated, thanks ps I also have a thread about negotiating a full and final reduced settlement figure with my motrgage provider if anyones interested:-)

I'm not in a position where a posession order has been applied for (not yet anyway) I'm selling to try and make a fresh start and get some quality of life back. Will the second charges stop me selling if I can't negotiate away the negative equity they will cause? Thanks for your previous comments by the way

okey doke....the mortgage is interest only so nothing has come off the original amount, in fact we are having to accept an offer for 5000 less than we paid for it due to the horrendous drop in house prices in our area. We have a firm offer of 165,000 (survey done etc). The sticking point is I have second charges applied by the courts for a loan and credit card debt on the property which unless I can pay will apparently stop me from selling at all (worth 24,000), If I can negotiate with everyone concerned I may manage to drag myself out of the mire, but i'm not confident. Will any remaining debt become unsecured? My mortgage provider also uses the interest rate now to calculate my early redemption penalty which makes it 1200 higher than if i'd changed provider immediately upon taking the mortgage out...bummer

It was their collections guys who said they 'may' consider this based on the evidence I can supply and the offer I have from a buyer. They wanted everything from solicitors and estate agents fees to moving fees. My original mortgage was for 144,000, and after late payment charges (every month for 3 years) and my six month interest early repayment penalty my redemption figure is 157,000. I was going to supply the info they require and offer the original 144,000. Do you think this is an unreasonable starting point? I forgot to add that i'm on a variable rate interest only mortgage, and my monthly repayment has gone up from 980 to 1250 a month in the time i've had the mortgage

Hi again, i've just posted 'GE money mortgages and full and final settlement' any comments would be greatly appreciated

many thanks all

Hello all, i have been in arrears with my ge money (formerly i group) mortgage from day 1 (3 years ago) and have finally given up and decided to sell and move to rented accommodation. GE have indicated that they may be willing to accept a redemption payment in full and final settlement of less than the amount owed. I have to obviously provide details of costs etc and send them an offer in writing. Has anyone out there done this before and what percentage did you offer?

Hi all...i've read many threads so far and been really impressed with the professionalism of the advice offered, I look forward to reading more and hopefully gaining help with my situation