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 bankruptcy postbag for july
 2nd charge

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T O P I C    R E V I E W
Maz Posted - 12 October 2008 : 18:41:44
Hi, I spoke to Northern Rock who we have our main mortgage with and the guy I spoke to said our 2nd charge lender didn't need their permission to go for repossession, is this right please?? thanks
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JulianDonnelly Posted - 15 October 2008 : 13:04:06
Hi REXN,

Unfortunately, they do reserve the right to do so. However, the second charge lender WILL need the permission of your mortgage company to go for reposession.

Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367
REXN Posted - 13 October 2008 : 20:56:11
What if you have no equity and are keeping the monthly mortgage payments, but failing the secured loan (which is tiny in comparison)?

Will the court still reposess a family, when they will only achieve a massive shorfall which will on both debts which will end up usecured anyway?
Reviva UK Posted - 12 October 2008 : 20:29:19
Hi

absolutely corret.

The first OR second charge lender don't need the permission of the other one to pursue posession

Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com

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