Repossession and Outstanding Debts

[texenergy]

I have a buy to let flat that has some mortgage payment arrears that is over £10,000. The mortgage company has now decided to repossess and set an eviction date. I also owe the council service charge money.

The question i have is if they repossess the flat am i still liable for the arrears.

Can the mortgage company continue to chase me for payment of any outstanding monies? Also who does the council chase for outstanding service charge?



Thanks

[Smi1er]

Originally Posted by texenergy

Can the mortgage company continue to chase me for payment of any outstanding monies? Also who does the council chase for outstanding service charge?

Yes and Yes.

[bundance]

Originally Posted by texenergy

I have a buy to let flat that has some mortgage payment arrears that is over £10,000. The mortgage company has now decided to repossess and set an eviction date. I also owe the council service charge money.

The question i have is if they repossess the flat am i still liable for the arrears.

Can the mortgage company continue to chase me for payment of any outstanding monies? Also who does the council chase for outstanding service charge?



Thanks

Really sorry to hear this.
Have you looked into alternative options like mortgage rescue or similar schemes. Can you go to your council housing department, they are not just there to apply for social housing they advised me that they are also there to prevent reposession.

My thoughts are with you at this stressful time.

[texenergy]

Originally Posted by bundance

Really sorry to hear this.
Have you looked into alternative options like mortgage rescue or similar schemes. Can you go to your council housing department, they are not just there to apply for social housing they advised me that they are also there to prevent reposession.

My thoughts are with you at this stressful time.

Thanks so much Bundance.

Will consider this.

[Thrugelmir]

Originally Posted by texenergy

Can the mortgage company continue to chase me for payment of any outstanding monies?

Yes. Hence why most BTL lenders now require a borrower to own a property of their own. As there's an asset to either put a charge on or force the sale of.

[magpiecottage]

I am afraid that a Buy to Let is seen as a commercial enterprise (which it is - you do not go into it out of the kindness of your heart - you want to make money).

As with any business, that carries a risk

[geoffky]

How the hell did they let you run up 10k worth of debt....

[geoffky]

Originally Posted by simon_misiewicz

Texenergy

How much is the property worth and how much is the mortgage on the property?

How many bedrooms are there in the property and what is the post code?

I could look to buy the property from you to clear the debts you may have.

We agree a price that is fair to us both PM me for me details.

Simon

i bet you would.....clear his debts and just a little for you...reported for touting for business.