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loan secured on house - dothey take the whole value of house?
Sarahsaver
Posts: 8,390 Forumite
in Loans
Yep some of you will remember a while back my mum had a summons to court to pay a debt, she'd missed loads of loan payments. They were threatening to seek reposession of the house as it was a secured loan. OOPS. Well theres an eviction notice to be served in the new year because she lied to everyone that 'it's all sorted' .Happy new year eh?
a family member spoke to me and they were under the impression that the finance co.(loan shark!?) will take the money, about 3k, and give mum whats left over from the sale of the house. I am sure they are in cloud cuckoo land. And in any case I cant believe that anyone would sign their house away for a few grand when the house is worth 200k.
Who is right? I think they get ALL the proceeds of the sale, they think mum will get the proceeds minus the debt still owing.
Are the finance co. llowed to turn down an offer of payment of the debt just because it is someone else (other family members have offered to help out, finance co. refused.)
Crazy woman.
a family member spoke to me and they were under the impression that the finance co.(loan shark!?) will take the money, about 3k, and give mum whats left over from the sale of the house. I am sure they are in cloud cuckoo land. And in any case I cant believe that anyone would sign their house away for a few grand when the house is worth 200k.
Who is right? I think they get ALL the proceeds of the sale, they think mum will get the proceeds minus the debt still owing.
Are the finance co. llowed to turn down an offer of payment of the debt just because it is someone else (other family members have offered to help out, finance co. refused.)
Crazy woman.
Member no.1 of the 'I'm not in a clique' group :rotfl:
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.
0
Comments
-
The loan company can only take what is owed no more no less.
Do they have a first or second mortgage?
If it is a second mortgage any surplus funds goes to the first mortgage company etc and she would get what is left over.
I would have thought that it would be in everyone's interest for the debt to be repaid without having to evict your mother but perhaps they are privvy to information not available here to comment on.0 -
I know the debt is less than 4k.
Member no.1 of the 'I'm not in a clique' group :rotfl:
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.0 -
That is a shame to loose your house over so little
LBM
September 2006
Yorkshire loan: £4164 >>> £0
Amazon CC: £320 >>> £1700 (oops)
HSBC OD: £1300 >>> £200
Total £5784 >>> £1900 21/05/20060
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