Posted: Sat Mar 15, 2008 7:41 pm
i have a secured loan and want to sell my house but there will not be enough money to cover the full amount of the loan what options do i have
Hi sarah e
welcome to the forum.
To answer the question fully we need to know the following:-
1. What is your house worth
2. what is the first mortgage
3. do you have a redemption penalty
4. if so to what value
5. how much is the second charge for
6. with who and whatis the redemption on this.
7. Also need to add in solicitors & estate agent fees + VAT.
In theory the second charge holder could refuse permission for you to sell the house because they would be disadvantaged in that the shortfall would become UNSECURED and therefore subject to a repayment over time.
Do you have any other debts?