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house repossession
desperado1_2
Posts: 57 Forumite
hi i was wondering if anyone can help me.
We currently have a mortgage to GE Money and a secured loan to Kensington Mortgages.
We are going to court on 29/1 regarding a claim for house possession for ge money, but we have now been advised that Kensington are now making a claim for house possession but as yet no court date received.
What i need to know if the court grants possession to GE Money (which is very likely) what happens to Kensington Mortgages debt. We may have a little bit left over once GE money sells our house which will obviously go to Kensington but what if we still owe Kensington, does it revert to an unsecured debt.
Who has priorty over possession
Any help or advice gratefully appreciated
We currently have a mortgage to GE Money and a secured loan to Kensington Mortgages.
We are going to court on 29/1 regarding a claim for house possession for ge money, but we have now been advised that Kensington are now making a claim for house possession but as yet no court date received.
What i need to know if the court grants possession to GE Money (which is very likely) what happens to Kensington Mortgages debt. We may have a little bit left over once GE money sells our house which will obviously go to Kensington but what if we still owe Kensington, does it revert to an unsecured debt.
Who has priorty over possession
Any help or advice gratefully appreciated
0
Comments
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You really need to get yourself some proper legal advice. A good place to start might be the Citizens' Advice Bureau.
As far as I know, the first mortgage to GE will have priority. If it is repossessed, you will be evicted and the house put on the market to sell quickly. It will probably go for a large discount so GE can get their money quickly.
Once it is sold, Kensington have next claim on the proceeds. If there isn't enough then they can take steps to recover the money from you, which will probably mean more court proceedings and maybe even bankruptcy.
You might be better off selling the house yourself as you might make more money from the sale, but if your court date is the 29th that isn't a lot of time.
Get yourself some real advice from a solicitor!Retired in 2015.
Moved to Ireland September 20170 -
desperado1 wrote:hi i was wondering if anyone can help me.
We currently have a mortgage to GE Money and a secured loan to Kensington Mortgages.
We are going to court on 29/1 regarding a claim for house possession for ge money, but we have now been advised that Kensington are now making a claim for house possession but as yet no court date received.
What i need to know if the court grants possession to GE Money (which is very likely) what happens to Kensington Mortgages debt. We may have a little bit left over once GE money sells our house which will obviously go to Kensington but what if we still owe Kensington, does it revert to an unsecured debt.
Who has priorty over possession
Any help or advice gratefully appreciated
sent you a private message ok... as for kensington, grrrrrrrrrrrrrrrrrrrr0
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