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Repossession
eveieve
Posts: 5 Forumite
My father-in-law's house has gone to court for repossession due to non payment of a secured loan (not mortgage).
He has been told that although he owes £50K (includes charges) and the house is worth £150K he will not receive any money back from the equity. Apparently it's in his Terms and Conditions.
He does not yet have an eviction notice from baliff but the court said he would have 28day's to remove his belongings.
Is it too late to try and 'fast sell' the house to pay the debt and keep the equity?
Would you recommend?
Please help
xx
He has been told that although he owes £50K (includes charges) and the house is worth £150K he will not receive any money back from the equity. Apparently it's in his Terms and Conditions.
He does not yet have an eviction notice from baliff but the court said he would have 28day's to remove his belongings.
Is it too late to try and 'fast sell' the house to pay the debt and keep the equity?
Would you recommend?
Please help
xx
0
Comments
-
Does your FIL also have an outstanding mortgage?
As this will be discharged first, prior to settlement of the secured loan.
A mortgage lender will have the first charge on a property. So is in effect paid off prior to any other creditors.0
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