house selling and secured loan

movingforward2010

lynzpower wrote: »

no prizes for guessing who this waster is :rolleyes:

Wxmlad, who is your secured loan lender , is it the same as the mortgage holder or not

You might want to ask on DFW about this, as many people have experience in silimar situations getting out of a secured loan when in negative equity.

hi my mortgage is with RBS and my secured loan is with Welcome finance.

lynzpower

My understanding ( and Im not an expert, just what Ive picked up from DFW) is that Welcome dont do unsecured lending only secured.

therefore - and Im not certain, so DO ASK over on DFW, that it could be problematic selling given that they may not be able to offer unsecured lending on the amount outstanding after your home is sold.

I cant remember but have a feeling that Mike St Helens or Clapton being good posters to ask as im fairly sure they is well up on Welcome and other secured lenders.

Good luck x

movingforward2010

lynzpower wrote: »

My understanding ( and Im not an expert, just what Ive picked up from DFW) is that Welcome dont do unsecured lending only secured.

therefore - and Im not certain, so DO ASK over on DFW, that it could be problematic selling given that they may not be able to offer unsecured lending on the amount outstanding after your home is sold.

I cant remember but have a feeling that Mike St Helens or Clapton being good posters to ask as im fairly sure they is well up on Welcome and other secured lenders.

Good luck x

thank you ill head over there

MarkyMarkD

There's no incentive for Welcome to allow you to sell the property when it will leave them with a large unsecured exposure unless there is a realistic probability of you defaulting on their loan.

Why do you "need" to sell your house?

movingforward2010

MarkyMarkD wrote: »

There's no incentive for Welcome to allow you to sell the property when it will leave them with a large unsecured exposure unless there is a realistic probability of you defaulting on their loan.

Why do you "need" to sell your house?

there is a possiblity i will be moving due to work. i can afford the loan and mortgage. im possibly thinking of letting to a friend but i dont think its allowed on a personal mortgage

tifnstav

Welcome will change a secured loan to an unsecured personal loan, I work at a solicitors and a client recently had a similar situation.
Even though the main lender was threatening repossession they still changed it to an unsecured loan to release the property and allow a sale to take place. I can't see how that makes any sense from Welcome's point of view, but what do I know?
They were a nightmare to deal with though and i raised at least 3 written complaints about the way they refused to confirm it in writing for months.
got it done in the end though.

eatmyfish

wxmlad wrote: »

??? i have not insulted you, and you have not given me 1 bit of advice which will help me what so ever, all you have done is called me a fool and told me my actions have been wrong.


now do run along like a good little girl/boy and leave this thread to the people who have had previous experience with this issue or have some constructive comments to input.

thanks:wall:

I have given you excellent advice, but you don't want to hear it...Consider: interest are rising, they may continue to do so for some time, the price you sell for will be based on this and other market factors, as a wise fellow once said "House prices are a matter of opinion, debt is real"You may not like my posts, but if the housing market crashes you will be trapped, and I wouldn't wish that on anyone...Take care

juliedawn_2

if welcome won't do an unsecured loan could you take out a seperate personal loan for the amount?
We're in a similar situation to you.We have 89k mortgage and 54k secured loan.We are selling our house because the payments are going up and up on the loan.We're hoping to make some money to pay some of it off.we are able to transfer our loan and m/gage to our new house.
Watch out for any costs for paying your loan off.
Ours is with first plus and if we pay it all off now we have a 7k repayment penalty.
Good luck.

lynzpower

petterson wrote: »

Hello you need loan right?
i know of a lending company i will introduce to you now this company

offered me £234.6 million pounds with which i build my new wood fertory

you can also get loan from them they are very reliable in fact they

sent the loan to me just 48hrs i still have their mailling adress
it is
[EMAIL="diamond_loan_lenders@yahoo.com"]diamond_loan_lenders@yahoo.com[/EMAIL]
contact them now directly they have help many they can help you out now

fast.

Mr Watters

You have to be joking.

YOu remind me of the nigerian hacker on Fonejacker

MarkyMarkD

wxmlad wrote: »

there is a possiblity i will be moving due to work. i can afford the loan and mortgage. im possibly thinking of letting to a friend but i dont think its allowed on a personal mortgage

This is almost definitely untrue. Most lenders will allow you to let your property on a residential mortgage, at least in the short term and in special circumstances like yours.

Definitely ask your lender what permission to let would cost, and whether they'll grant it, before incurring loads of unnecessary penalties.