can they repossess the house?

3 posts Page 1 of 1
Post Reply
 
 

mte

User avatar
Posts: 1
Joined: Mon Jun 30, 2008 10:55 pm
Location: United Kingdom
Post by mte » Tue Jul 01, 2008 12:27 am
Quote
We have a mortgage of £290,000 with Northern Rock and a second charge of £98,000 with Barclays. Our house is only worth £285,000. If we default on the 2nd charge can they repossess the house?
Top
 
 

facingittogether

User avatar
Posts: 1141
Joined: Sat Apr 19, 2008 8:18 pm
Location:
Post by facingittogether » Tue Jul 01, 2008 12:31 am
Quote
hi and welcome!

you need to wait for a expert to advise you!

hang on in there and good luck!

love barb x
12 down - 60 to go! woo hoo!
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Tue Jul 01, 2008 8:16 am
Quote
Technically yes - once you miss more than three payments the secured lender has the right to apply for a possession order and then an order for sale. It may not be granted if you are able to make a reasonable offer of settlement, together with assurance that you can make ongoing payments.
Regards, Melanie Giles, Insolvency Practitioner
Top
Post Reply
3 posts Page 1 of 1
Return to “postings for july”