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  • FIRST POST
    texenergy
    Repossession and Outstanding Debts
    • #1
    • 20th Apr 12, 5:56 PM
    Repossession and Outstanding Debts 20th Apr 12 at 5:56 PM
    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
Page 1
  • Smi1er
    • #2
    • 20th Apr 12, 6:16 PM
    • #2
    • 20th Apr 12, 6:16 PM
    Can the mortgage company continue to chase me for payment of any outstanding monies? Also who does the council chase for outstanding service charge?
    Originally posted by texenergy
    Yes and Yes.
  • bundance
    • #3
    • 20th Apr 12, 7:12 PM
    • #3
    • 20th Apr 12, 7:12 PM
    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
    Originally posted by texenergy
    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
    • #4
    • 21st Apr 12, 12:45 AM
    • #4
    • 21st Apr 12, 12:45 AM
    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.
    Originally posted by bundance
    Thanks so much Bundance.

    Will consider this.
    • Thrugelmir
    • By Thrugelmir 21st Apr 12, 9:59 AM
    • 46,374 Posts
    • 38,882 Thanks
    Thrugelmir
    • #5
    • 21st Apr 12, 9:59 AM
    • #5
    • 21st Apr 12, 9:59 AM
    Can the mortgage company continue to chase me for payment of any outstanding monies?
    Originally posted by texenergy
    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.
    "It's better to hang out with people better than you. Pick out associates whose behaviour is better than yours and you'll drift in that direction."

    Warren Buffett
    • magpiecottage
    • By magpiecottage 21st Apr 12, 3:43 PM
    • 8,696 Posts
    • 5,245 Thanks
    magpiecottage
    • #6
    • 21st Apr 12, 3:43 PM
    • #6
    • 21st Apr 12, 3:43 PM
    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
    It is a statement of fact, not an advertisement, that I investigate complaints against small firms of financial advisers for a living.

    That is why I know my way around both the FCA Handbook (for financial businesses) and the Conduct of Authorised Persons Rules (for CMCs).
  • geoffky
    • #7
    • 1st May 12, 5:36 PM
    • #7
    • 1st May 12, 5:36 PM
    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.
  • geoffky
    • #8
    • 1st May 12, 5:39 PM
    • #8
    • 1st May 12, 5:39 PM
    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
    Originally posted by simon_misiewicz
    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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