Repossession Option?

CoachKT3

We have a Secured Loan (2nd Charge) with GE Money and are being taken to court for Repossession of our property due to being 4 mths in arrears.

Unfortunately we are not in a position to pay the arrears, however we do have a second property (left to us following the death of my Mother-in-law) which we are currently selling....the sale should be complete within the next 5 or 6 weeks

Our court hearing is before the completion date of the sale of the second property.

What are the chances of the Judge and / or GE Money allowing us to suspend the repossession order on the main property if we agree to repay GE Money 'in full' from the proceeds of the sale of the second property?

gb12345

CoachKT3 wrote: »

We have a Secured Loan (2nd Charge) with GE Money and are being taken to court for Repossession of our property due to being 4 mths in arrears.

Unfortunately we are not in a position to pay the arrears, however we do have a second property (left to us following the death of my Mother-in-law) which we are currently selling....the sale should be complete within the next 5 or 6 weeks

Our court hearing is before the completion date of the sale of the second property.

What are the chances of the Judge and / or GE Money allowing us to suspend the repossession order on the main property if we agree to repay GE Money 'in full' from the proceeds of the sale of the second property?

It is in GE Money's interest to have actual cash rather than the hassle of having to sell a property to get their money back, so I would have thought that it is something that they would consider.

The only way to know for sure is to write to them and explain the situation. Let them know the exact position you are in with the sale of the other property and ask them if they would consider having the court hearing postponed until after the completion date.

If they refuse then to my mind it will look bad on them at the hearing when the judge is told that they were offered a payment solution, but seem intent on making your family homeless for the sake of a few weeks.

gb12345

Added to say - I missed earlier that it was a 2nd charge.

I assume your main mortgage company are aware that GE are going for a reposession order. Do you have arrears with them as well and have they said anything about the situation?

poppasmurf_bewdley

For goodness sake, go and see a solicitor immediately. They will help you. I'm sure a judge would delay any repossession given these circumstances, but you need proper legal advice.