Have a buyer but shortfall on secured loan

holeinthehead

Hi all

Any advice appreciated!

Have a buyer for our property (in NIreland)- first mortgage covered but not secured loan.

Have offered to continue paying 2nd loan but to no avail......

Really don't want to lose our buyer (don't come along very often).

Planned to rent and 'start over again' but frustrated that it may fall through if loan company do not release their charge! Very frustrating when we have never defaulted etc and are willing to continue with loan.

Would be very grateful for any advice / inspiration - in an ideal world the first mortgage company would let us pay less to them?????

Thanks in advance............

GMS

Without paying all secured debts you cannot grant clear title and cannot sell.

How short is it?

holeinthehead

£34 000 unfortunately

ACG

Have you spoke to the secured lender?
They may allow you to sort out a payment plan with them - im not sure if they would for that amount but its worth a try.

Simon_gloster

Who is the 2nd charge with? This will depend whether its worth asking them to port this to your new property although its likely your ew mortgage and £34k should not exceed 80-85% LTV.

holeinthehead

We proposed to continue paying the loan but they sent a letter saying no and no explanation. Is very difficult to get to take to someone which adds to frustration.

Sometimes, feel we are penalised for not having arrears etc However if we do not sell that could be a real possibility as mortgage due to increase massively!

holeinthehead

2nd charge is GE Money

Simon_gloster

The worst reply I was dreading. GE are the most ******* company I have come across....ever. Game over unless you raise the funds yourself.

Simon_gloster

Who is the first mortgage with?

holeinthehead

Everyone says that - awful to deal with and regret it so much but what can do.

First charge is First Trust

holeinthehead

Wondering how we could persuade first charge to let us refinance/restructure the loan. the reality is that if we lose this buyer we may not get another and no-one wins........this shortfall is less than 10% of amount that first charge gets if we sell now....