im the last person in a chain. the value of the house will not pay off the 2nd charge.what are my options for quick sale? i will be going into rented accomadation
If the sale price does not pay off the second mortgage it is unlikely that the second mortgage company will release the charge and therefore when your solicitor requests the settlement figure the whole chain may fail.
It is probably worth speaking to the mortgage company now and try to estimate what the shortfall is.
Are you looking at bankruptcy as well?
What is the level of the mortgage shortfall and which company is it with.
How much is the shortfall likely to be? It is probable that the 2nd charge mortgage co will block the sale - talk asap to see what might be on the table (if anything).
Apart from your prediciment, there ate the other parties to the chain that will be effected if there are not sufficient funds to settle the charges (first and second)
value of the house will not pay off the 2nd charge
Posted - 08 May 2010 : 22:08:55
