Secured loan

KingElvis

Hanky_Panky wrote: »

The OP doesn't state that she sold it so easily could have been a repo, either forced or voluntary.

Good point, if the OP was messing with the likes of Welcome then the house could've been snatched back.

No idea what happens to secured loans secured on repo houses.

david39

Well, if the house was eventually sold as a result of a repossession, then those holding the security would have had to be repaid from the proceeds.

OP doesn't say whether Welcome are still chasing the loan - if they've got their money back they shouldn't be. - But then, it is Welcome .....

Tixy

david39 wrote: »

Well, if the house was eventually sold as a result of a repossession, then those holding the security would have had to be repaid from the proceeds..

If repo then its quite likely that when sold at auction it didn't raise enough to pay fees, the first mortgage and the welcome secured loan. In which case the welcome loan would be the one to not get paid (or at least not paid in full).

In Scotland a mortgage company has 20years to pursue a mortgage shortfall.

I am not certain whether a secured loan would come under the rules for mortgage shortfalls or the normal rules for debts under the Prescription & Limitation Act. I'd suggest perhaps contacting National Debtline Scotland to find out for certain.