Repossession and Outstanding Debts

texenergy
texenergy Posts: 2 Newbie
edited 20 April 2012 at 5:57PM in Mortgages & endowments
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

Comments

  • Smi1er
    Smi1er Posts: 642 Forumite
    texenergy wrote: »
    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
    bundance Posts: 1,114 Forumite
    First Post First Anniversary Combo Breaker
    texenergy wrote: »
    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
    texenergy Posts: 2 Newbie
    bundance wrote: »
    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
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    texenergy wrote: »
    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
    magpiecottage Posts: 9,241 Forumite
    Combo Breaker First Post
    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
    geoffky Posts: 6,835 Forumite
    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
    geoffky Posts: 6,835 Forumite
    simon_misiewicz wrote: »
    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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