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joella68
Junior Member
United Kingdom
280 Posts |
 Posted - 15 August 2009 : 18:30:44
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hi i wonder if anyone can help me with this difficult one !!!
i have recieved a letter from northern rock today offering me the chance to go back to our house even though it is now in their possession  we also had a secured loan on the property, we have been BR since the 12th jan 2009 and are just going through early discharge now. i was under the impression that the property would need to be sold to release the second charge held on it by barclays bank ???
is it possible that we could go back and just pay the mortgage only, and not the secured loan any more ???
if this were the case we could afford the mortgage and would lve to go back to our home !!!
oooh someone please help, why does it always happen on a weekend when there is no-one open to talk to 
moving forward to new beginnings
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debtinfo
forum expert
2826 Posts |
Posted - 15 August 2009 : 20:49:15
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| if you go back to the house you must pay all the secured charges on the property, mortgage and secured loan |
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Jane.l
Average Member
511 Posts |
Posted - 16 August 2009 : 09:31:40
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and the mortgage arrears too!
NR offered us this too but there was no point, we would just be going back to loads of secured debt, if you have already left, I would advise against going back, what if, in 5 year's time you got in to difficulties again and could not afford the house? you would be back to square one and possibly with large mortgage shortfalls again! |
Edited by - Jane.l on 16 August 2009 09:32:13 |
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joella68
Junior Member
United Kingdom
280 Posts |
Posted - 16 August 2009 : 20:49:07
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thanks for that guys i suspected i would have to take all the debt back on ! which quite rightly there is no point, northern rock just made it sound very appealing.
moving forward to new beginnings
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joella68
Junior Member
United Kingdom
280 Posts |
Posted - 19 August 2009 : 19:24:02
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hi all, thanks for the replies.......just to be sure i contacted northern rock today, and yes the property needs to sell first for the secured loan ( barclays)tobe removed so sadly no chance of going back, never mind we must move on now.
moving forward to new beginnings
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 August 2009 : 19:39:51
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Never mind.
I hope you are happy in your new property.
The glimmer gets brighter all the time
Jan
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joella68
Junior Member
United Kingdom
280 Posts |
Posted - 19 August 2009 : 19:44:35
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thanks for that, yes i love our rented home, but would of bee perfect if we coud of gone back so many memories and love spent there over the years :-( .
moving forward to new beginnings
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 August 2009 : 19:58:18
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You still have the memories though - no one can take those away from you, and you can make some new ones now.
The glimmer gets brighter all the time
Jan
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STRANGE ONE ...ADVICE NEEDED PLEASE
