Discussion
hey there people new on here looking for some help.i have been givin a notice by my loan/mortgage company it was a loan i took out but they class themselves as a mortgage company.we feel way behind on loan and now they are getting a decree for a repossession ,can they do that for a loan of £16000 which is a second charge on the property without asking a mortgage company which is a first charge,all response would be gratefully needed
It sounds like you signed a mortgage in favour of the second lender. If you are in default they have all the same rights as the first lender, except that if they repossess the house they have to use the proceeds to pay back the first lender before they can take money for themselves.
Bad news - if either lender is still owed money after they have repossessed and sold, you will still be liable for that amount.
You need to talk to both of them, keep a record and try and agree a repayment plan for the second loan. If you can show a sensible course of action it might help.
Bad news - if either lender is still owed money after they have repossessed and sold, you will still be liable for that amount.
You need to talk to both of them, keep a record and try and agree a repayment plan for the second loan. If you can show a sensible course of action it might help.
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