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?
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
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
Hi My property has an outstanding mortgage
Posted - 19 January 2009 : 16:46:38
