Selling house-secured loan- in BIG trouble

lucyanna118

I have just sold my house, it's almost in the final stages, I bought the house with my brother. Last year I took out a secured loan on the property, the 50% I will recieve from the proceeds wouldn't even cover half the debt considering I have removal costs e.t.c. I have applied for unsecured loans to cover the amount to no avail, at the moment I stand to have a very annoyed brother and absolutely nothing to show for having the house. Does anyone know what I can do to resolve this situation?

Crown

Hi, Im afraid I havent really got any advice on this myself. Have you spoken to the CAB or the CCCS?

This is one problem with secured loans. If you have secured the loan against the property and your brother is on the deeds then he would have had to signed or given written permisission.

Can you post a full SOA as described in the 1st timers post at the top of the forum and we may be able to offer you some more advice.

Sorry I couldnt be of more help but I wish you the best of luck with it,

Regards

danno_4

Hi lucyanna,
Firstly what was the ammount you succured the house with..If you say that buy selling the property you would still owe the company money then something is not right here.Let me explain if you require a loan from any financial company normaly they would only loan you 75% of the equity in the said property.in other words there loan would be fully secured.When you say your uncle would not be very happy can you explain why.
await your reply
danno

System

I was in a similar position 6 years ago. The equity we had realised had been eaten up by the secured loan and when I sold the house I had 10K still to settle so I had to get a loan out.........and the rest is history. I dont what options you have other than trying to get a loan to pay the balance. Speak to CAB first though.

Gemmadm

Hi can you use your brothers equity to pay off the loan and pay him back in installments. I take it that half the loan is not his. Is it for a lot of money.
Gemxx