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secured loan

grossettt · 2010-06-07 21:28:03

myself and my husband was sold a secured loan on the property we live in... only 1 name is actually on the mortgage, plus our property was grossly overvalued by the loan company.. we are now trapped with negative equity, and are unable to pay off the loan or move.. can any one help us!!

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Comments

AMILLIONDOLLARS Posts: 2,299 Forumite

8 June 2010 at 11:48AM

I'm afraid that overpayments on the loan will be your way forward. Are you tied into a fixed rate? If you are on a normal BS rate then you should use your current savings on your mortgage on this for the overpayment, before interest rates shoot up again.

AMD

Debt Free!!!
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