Can you find out how much money someone owes on their Mortgage.

rizla01

I know what the original Mortgage was and who it was taken out with but I have a need to know if that person has since enlarged their borrowing.

How do you find this out OTHER than going to the concerned BS and paying their huge fee.

AndrewSmith

Why would you want to know?

rizla01

I should have explained that I have a court order against this person who owes me a considerable sum of money and I have a charge on the property in question.

toonfish

rizla01 wrote:

I should have explained that I have a court order against this person who owes me a considerable sum of money and I have a charge on the property in question.

if you have a charge on the property this would have needed to be lifted before the lender would advance any further money to ensure they had first legal charge.

rizla01

toonfish wrote:

if you have a charge on the property this would have needed to be lifted before the lender would advance any further money to ensure they had first legal charge.

But the Mortgage lender already have 1st charge on the property.

Mine was obtained AFTER the mortgage was granted.

Would the Mortgage Company contact me if a further mortgage or an extension to, was applied for?

silvercar

I don't think they can extend the amount without your agreement. Not positive so do check. I also don't know who has the priority debt over arrears on the first mortgage.

Cazza

Not 100% sure what happens if it's a further advance with the same lender, but if they try to go for an additional secured loan with another lender, or they remortgage to another lender, then if you have placed a 2nd charge on their property you would find out aboutthe new application.

I don't think there is any way of finding out exactly how much the people concerned are borrowing, (Data Protection, as someone mentioned above) but the people they are borrowing from would be able to find out from the land registry how much your charge is for and they would take this into account when they decide how much to lend.

If the owners of the property did apply for any secured lending, you would be asked to complete a complete a form which I believe is called a "Deed of Postponement of Charge". The mortgage lender will always insist on having the first charge on a property and I'm assuming you have a second charge. If they try to remortgage, because the date the charge is registered for the remortgage is after the date of your charge, the new lender wuld have to contact you to ask you to sign the Deed to say you are happy to be second in line after them. Hope that makes sense, sorry if it doesn't!

rizla01

My problem is this.

To obtain what is rightly mine (£25,000 Approx and rising) I need to force a sale on the property but the property must be worth more than

- What they owe the Mortgage Company,

What they owe me

and there needs to be enough to cover all expenses in disposing of the property and if in bad repair enough to cover this too.

If not and it looks like the Mortgage lender wont get what is owed to them then any shortfall will come out of MY pocket.

Hence the need to know.

I

Cazza

rizla01, I believe that the holder of a second charge can force the 1st charge holder to repossess (even if there are no arrears or defaults on the account for the 1st charge) but I don't know the circumstances under which a court would allow this to happen. I think this could be the only way to find out how much is owed on the property though. I also think you need to talk to a solicitor!

rizla01

I think I remember that if the Mortgage Co force a sale then I would have to pay their fees to pay whereas I can go thru the courts and do it myself.

Like I said, tho, after paying off the first charge My amount will come out of what's left and if not enough, then tough. I could wait until certain i.e. prop values rise even more, but how long?

Claire_Jones_3

When was the original mortgage taken out rizla?

Sometimes depending on the regulations it was taken on you can stop any changes being made at all if you won't complete the deed of postponement. If it is CCA regulated definatley pre nov 2004 then the accounts usually have to be completely closed and re-opened therefore needing your approval. However if it is already FSA regulated (post Nov 2004) then they may not need to so make sure that the lender who has the mortgage has your correct correspondence details for you.