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second charge removal
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biggerboy74
Posts: 5 Forumite
anybody got any useful advice with regards to negotiating the removal of a second charge on my property? Personal guarantee was set at 50k and I am offering £22k which they wont accept.
would arbitration be a good means to resolve the situation?
would arbitration be a good means to resolve the situation?
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Comments
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Are you BR?BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0
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no its was my other half, i have a clean bill of health credit wise apart from the joint mortgage0
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Is there enoug equity in the property to pay the second chargeHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
yes in its current condition but tenuous0
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bank does not know that though0
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Then i cant see any reason why they woud wabt to accept anything but full payment. Their debt is secured house prices are likely to go up in the future and you cant sell the house without paying them, so they will get their money if they dont agree anything else and just sit there, pus they will be getting interest added on to the amount, nice little earnerHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
they have said they would accept £40k but I cannot raise that kind of money... we do have a good case of malpratice against them though. I am quite tempted to strip it and hand them the keys back as a last resort.0
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