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T O P I C R E V I E W
sms
Posted - 10 July 2008 : 21:56:19 will the bank always come for the property with a secured loan even if the house has got enough equity and will they agree a payment plan knowing they have a second charge on the property
2 L A T E S T R E P L I E S (Newest First)
JulianDonnelly
Posted - 11 July 2008 : 10:42:35 Hi SMS and welcome to the forum.
Generally speaking, secured lending is excluded from BR in the case of a non-saleable asset (negative equity). Indeed, any action the OR takes to realise your equitable interest cannot be to the detriment of your secured lenders.
Posted - 10 July 2008 : 22:25:11 Hi sms and welcome to the forum
So long as you can maintain payments to the secured loan company, or agree a reduced payment plan, they should be happy to let you remain in the property.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
