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Reposession and collection of rents from my tenants.

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I wonder if anyone has any experience in this and can help me.


I have a property with tenants in and they paid upfront for the year, unfortunately i couldn't make all of my mortgage payments and they bank have now appointed receivers to collect the rent from the tenants. They are now dealing with them direct and collect for the 2nd year.

Does this mean the money is going to wards my mortgage or have they just taken the property from me. I don't want to call them without having some knowledge about this. I believe the property is still in my name and is also in negative equity.


If anyone has any advice or has had a similar experience please let me know. I want to get this sorted out but don't know how.




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Hi Marie,


When a mortgage company appoints receivers the property remains in your name and they simply manage it to ensure money is paid towards the mortgage. However, they generally have the power to sell the property as part of that arrangement.


If there is negative equity and the rent they are receiving is covering the interest it is probably more likely that they will continue to manage the property with sitting tenants and make money rather than sell the property and make a loss. This might change if the tenants move out or interest rates go up. If they start accruing a shortfall between the rent and interest which is increasing the debt each month they may decide to cut their losses and sell. A possession order would not be required to sell the property and if tenants were resident when the property was sold they would not be evicted.


I'm not expert on this area and there are some extensive threads about this (particularly one about Mortgage Express) so you will find a lot of information if you have a look around the forums.

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Thank you for your helpful reply.


I believe that the rent they are collecting covers the monthly mortgage and there is even extra money left over. Does this mean that if i can find a way to pay some money to them that they may let me keep the property?




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