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T O P I C R E V I E W
syeddh
Posted - 19 January 2009 : 16:46:38 Hi
My property has an outstanding mortgage of 225k - in addition I have secured debt of 60k. If I sell my property for 225k to a third party, what happens to the secured debt element - obviously, I will still owe the sum to the lender(s), but is this now unsecured debt?
syeddh
4 L A T E S T R E P L I E S (Newest First)
syeddh
Posted - 19 January 2009 : 17:56:20 Julian
If I can demonstrate that I have a job and will continue to make payments on the original terms, does that make the debt unsecured?
Syed
Jane.l
Posted - 19 January 2009 : 17:53:09 This is what happened to me, I had a buyer for the house and the amount would only cover the mortgage and some of the secured loan, about one third of it. The secured loan company refused to let us sell the house
JulianDonnelly
Posted - 19 January 2009 : 17:01:07 Hi Syeddh,
You will only be able to effect the sale of the property with the permission of both the mortgage company and the secured lender. The secured lender will only grant their permission if you can demonstrate how their loan is to be repaid.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
Nicola.j
Posted - 19 January 2009 : 16:56:33 Hello
If you have the secured loan on the house you may find that your secured lender will refuse to let you sell.
