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Up ****Creek, Lost paddle, no compass,Help
gwynlas
Posts: 2,490 Forumite
Posted on BTL previously but no response. Through circumstances beyond my control, redundancy, illness, life events etcI have landed in a financial mess that I believed I could sort out through sale of property.
This completes next week and will release equity with which I planned to pay arrears on 2 BTL mortgages, one aware other writing to wrong address however within past two weeks both have gone down the route of appointing LPA receivers. First West Brom not prepared to allow me to retake management of property but appear happy with current tenants. 2nd Mortgage Works I haven't approached as yet.
Have defaults registered by CC companied making minimal payments over past year.
Can anyone advise on best way forward and I don't need to be told what I might have done better. Hindsight is a wonderful thing.
This completes next week and will release equity with which I planned to pay arrears on 2 BTL mortgages, one aware other writing to wrong address however within past two weeks both have gone down the route of appointing LPA receivers. First West Brom not prepared to allow me to retake management of property but appear happy with current tenants. 2nd Mortgage Works I haven't approached as yet.
Have defaults registered by CC companied making minimal payments over past year.
Can anyone advise on best way forward and I don't need to be told what I might have done better. Hindsight is a wonderful thing.
0
Comments
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Could you clarify your actual question. As unclear what are hoping to achieve.0
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Thanks,question 1is how best to approach The Mortgage Works? 2, Is it okay just to allow receivers to sell properties to redeem mortgages?
Any other thoughts on redeeming financial status?0 -
Allowing the receivers to sell the property is the worst option. You will be responsible for any shortfall.0
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