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Repossession and Outstanding Debts
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# 1
texenergy
Old 20-04-2012, 5:56 PM
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Default Repossession and Outstanding Debts

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

Last edited by texenergy; 20-04-2012 at 5:57 PM. Reason: additional info
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# 2
Smi1er
Old 20-04-2012, 6:16 PM
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Quote:
Originally Posted by texenergy View Post
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.
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# 3
bundance
Old 20-04-2012, 7:12 PM
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Quote:
Originally Posted by texenergy View Post
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.
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# 4
texenergy
Old 21-04-2012, 12:45 AM
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Quote:
Originally Posted by bundance View Post
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.
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# 5
Thrugelmir
Old 21-04-2012, 9:59 AM
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Quote:
Originally Posted by texenergy View Post
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.
"Bull-markets are born on pessimism, grow on scepticism, mature on optimism and die on euphoria."
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# 6
magpiecottage
Old 21-04-2012, 3:43 PM
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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
I run a consultancy to help Independent Financial Advisers to comply with their rules and resolve complaints. Although I am qualified to, I don't advise consumers for reward.
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# 7
geoffky
Old 01-05-2012, 5:36 PM
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How the hell did they let you run up 10k worth of debt....
It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.
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# 8
geoffky
Old 01-05-2012, 5:39 PM
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Quote:
Originally Posted by simon_misiewicz View Post
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.
It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.
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