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Help ! House repossession but had low offer that 2nd loan won't accept. Help

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Can anyone advise.

I was going through repossession, but at the last moment (friday) someone has offered for the house. It is low. only £120,000. The mortgage lenders have said a tentative ok, but the secured loan GE Money, who were pushing this, will get nothing. The problem is if they refuse this, which sounds as thought they will, the house will only fetch £70,000 perhaps even less. Any ideas as to what I could do? Can I make an application to the courts to stop this unlogical attitude?

It would really make my christmas if anyone can help me on this?

 

Thanks

Viv

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This is outside my area of expertise but it sounds as if you could apply to the Court to stop the repossession on the basis of the offer you have been given, and clearly you have the first charge lender on your side. I would think Ell-en could draft a good case for this. However if GE are not going to get anything either way, I suppose they don't care much, they are just going through the motions of pushing you out of your house.

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I have found out that I might be able to use the buyer's money as a lever to get GEnoney to accept a lower payment and also get BMidahires to accept less a drivide the money pro rata between the two. Thereby dangling a carrot to both, with the threat that if we loose this buyer, then there might only be £60000 pounds in the pot after it going to auction. Big glut of house repossession on Anglesey.

Anyone know what sort of system I could sort that each accept this a final payment of both mortgage and Loan. I think there is a way to do this so that I won't have this hanging over my head for 6 years!!

Thank you born this way for your info. Have taken on board.

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I have found out that I might be able to use the buyer's money as a lever to get GEnoney to accept a lower payment and also get BMidahires to accept less a drivide the money pro rata between the two. Thereby dangling a carrot to both, with the threat that if we loose this buyer, then there might only be £60000 pounds in the pot after it going to auction. Big glut of house repossession on Anglesey.

Anyone know what sort of system I could sort that each accept this a final payment of both mortgage and Loan. I think there is a way to do this so that I won't have this hanging over my head for 6 years!!

Thank you born this way for your info. Have taken on board.

 

If the first charge will get all their money from the sale of the property, leaving the 2nd charge with no security, then they will take all the money from the sale. There is no benefit to them to enter discussions about sharing the pot, so there is definitely no 'carrot to dangle' for them. The 2nd charge should have ensured there was sufficient equity in the property to secure their loan to you before they loaned the money - it's their own fault that they didn't do that.

 

The 2nd charge will simply revert to being an unsecured loan. You will still owe the money and they can still chase you for it (for 12 years, not six).

 

If the offer you have received is reasonable for the area you live in, then it is unlikely that the 2nd charge can prevent the sale - ensure you have the offer in writing (and preferably have a date for exchange of contracts) to present to the judge at the court hearing.

 

As indicated, it's GE Money's own fault for lending you money if there was insufficient in the property to support the loan if default occurred. I'm sure someone, somewhere may shed a tear for them! In the interim they will just have to console themselves with the fact that they can chase you for payment for the next 12 years.

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