Posted on: 31st Mar, 2009 07:22 am
Hi, a company has a second charge over a property which I own to the value of £65k. I do not live in the property, but am renting it out. I am in financial difficulty, and can not afford to give them all the money as requested. Can they force me to sell the property?
The flats are worth around £180k. The main mortgage is £120k and the 2nd charge is for 65k. I can probably pay them around £300 per month.
I would rather keep the property, but if they force me to sell it, then obviously I will have to.
Thanks for your help
The flats are worth around £180k. The main mortgage is £120k and the 2nd charge is for 65k. I can probably pay them around £300 per month.
I would rather keep the property, but if they force me to sell it, then obviously I will have to.
Thanks for your help
Welcome georgeherodotou,
If you do not pay the required amount to the lender, he will have the right to foreclose the property. As you are facing a hardship, it would be better if you could speak to the lender and take advantage of loan modification. This will help you in saving the property.
If you do not pay the required amount to the lender, he will have the right to foreclose the property. As you are facing a hardship, it would be better if you could speak to the lender and take advantage of loan modification. This will help you in saving the property.