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Second Charge On House---Advice Needed, Thanks


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Hey guys, wonder if anyone can give me any advice

 

My dad took out a secured business loan on his main residence (with HSBC) back in 2006...the house is worth over £500,000.00 (HSBC had an valuation done in 2009)...he had a letter through the post demanding he pay back £91000 in full within 18 days or they could take him to court or debt collectors.

 

from 2006 my dad was paying interest and then in 2009 they demanded he pay back the 95k, they then agreed that he pay £1400 a month for 5 years and then pay back the rest in one large sum at the end.

 

However my dad has fallen behind on payments ( 2 payments , nearly 3), it was either paying off the mortgage which is £1400 a month or paying off the HSBC loan....he's already two payments behind on the mortgagee (abbey), but they came to agreement, and he's paying off arrears and keeping up to date with his current mortgage payment.

 

He asked the HSBC business relations manager for more time, like around 6 months to a year, because he has a second property (we are joint owners), which we want to sell to payback the loan...she said she can't wait 6- 8 months for him to get the money together....if we had 12 months we could get the 91k, but we arent being given anytime.

 

she said he had signed the document, so he either pay or they will try and force a sale.

 

what can he do? i mean he obviously doesnt want to sell the house, but we need 12 months to get the money together and payback the loan in full

 

will this end up in court and what could be the outcome? would they grant extra time? or force sale....i have no experience with these things, very stressful time

Edited by TonyMartian
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