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information required about secured mortgage and loan

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mspig
mspig Posts: 986 Forumite
edited 7 September 2010 at 10:00PM in Debt-free wannabe
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  • Xbigman
    Xbigman Posts: 3,915 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    If you sell then the first mortgage holder gets their full money plus expences whilst the second mortgage holder goes short. You would then owe the second mortgage holder money, although with fees and legal expences it is likely to be a fair bit more than the 2500 your post suggests.

    That said, I don't think the second mortgage holder is going to be co operative in letting you sell up like this and that could be a problem.

    I also think the council gets their discount back, have you allowed for that too?
    Regards



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