Remortgage term end time up

Peco141

mrginge wrote: »

A plan that relies on someone having to die?
What an interesting concept. One i feel i must refrain from commenting further on.

I wrote this hastily before bed last night. The plan was actually a business venture that they still hope will produce sufficient profit before the deadline date.

The post re Grans property was mainly to show that there is collateral if all else fails. Asking gran to move in with them is a last resort they'd prefer not to take as Gran would prefer to stay where she is.

This is why I posted on here... To see what if any option they may have come deadline day.

Peco141

Thrugelmir wrote: »

Of course I have empathy with their situation. Being proactive has to be the way forward. As the lender is unlikely to provide the solution , more likely a stay of execution.

We're hoping they will provide the stay if execution in the knowledge that collateral is there. The worry is the deadline date arrives and they repossess on that date. I guess every mortgage company is different. We hoped they would provide more information so we knew where they stood.

We just don't know how to find out.

opinions4u

They won't repossess immediately. The process is more long-winded than that.

But it would be cheaper to sell the place before it gets to repossession.

They have been seriously negligent in getting this far.

Peco141

opinions4u wrote: »

They won't repossess immediately. The process is more long-winded than that.

But it would be cheaper to sell the place before it gets to repossession.

They have been seriously negligent in getting this far.

Very much so and I have told them many a time to get it on the market. The business venture is so close they just held off and held off.

If repossession is not immediate then that would be a relief. If we can get some form if official confirmation of that it would take some weight off but it doesn't appear to be forthcoming via the financial advisors recent communication.