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dave.p
Junior Member
178 Posts |
 Posted - 10 July 2008 : 14:15:22
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I would be grateful for some advice.
My house was repossessed on the 17th April despite my attempt to ward this off. The driving force was Blemain Finance a company I had my secured loan with. The loan was originally £62,000 yet nine months later and grossly exesive charges this was upto £79,000 off which only £3,000 was arrears.
The property I was in had been up for sale for over a year, £220,000 being the last figure on it. It was in pristine condition interior and exterior.
The mortgage I had was with Birmingham and midshires (£110,000) approx and to be fair they had been fairly good, as I had tried to keep up payments and extra.
After the repossession, approx 4 weeks later I had a call from B and M who were alarmed that the property had been repossessed by Blemain, since that call nearly 3 months I have not had any form of communication from either party,,??
I have drove past the house many times, and it is heartbreaking to see the once immaculate gardens become over grown and untidy. I notice that curtains have been removed from the property, and can only assume this happened after the repossession..but by who remains a mystery as the house is secure.?
My understanding was that the house would remain with the current estate agents for approx 30 days to be sold on the open market, failing this it would go to auction and achieve the best price on the day..?? Is this correct..??
This hasn't happened and my worry is that the house is becoming even more difficult to sell due to it being empty and unkept.
This will no doubt effect the selling price if it does eventually sell, and therefore effect the funds available to pay the secured debts on it.
The failure on behalf of Blemain Finance to sell the property expedietly even in this current market would be a contributing factor in the funds available to pay the debt and surely some blame must lie with them..??
What is the position on this...have I got a case to argue about the delay in the sale, the demise in the empty property and can or should I be contacting them to highlight this as well as asking for interests to be frozen during this period...Please advise...
Regards
Dave |
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Nicola.j
Junior Member
United Kingdom
267 Posts |
Posted - 10 July 2008 : 14:50:49
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I am in the same position as you with secured loan/mortgage.As far as I understand it depending whether or not the building soicety or secured loan company were the 1st chargeholder I know with mine the first chargeholder has to issue a deed of priority/postponement which gives them the first cut of any sale proceeds?
Your point about being on the open market and then going to auction is as I understand it.
Thks |
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melanie_giles
Senior Member
1191 Posts |
Posted - 10 July 2008 : 21:32:27
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The secured creditors has a duty to demonstrate that they have taken all necessary steps to achieve best price for the property, and in any case the property cannot be sold without the prior agreement of the first chargeholder.
You may eventually have rights to pursue them for negligence,if you believe the sale was effected at undervalue to your detriment, but this would be a very costly process and the secured creditors pockets are bound to be deeper than yours. Galling as this sounds, you may well have to face moving on.
I cannot understand why the first chargeholder were not aware of the possession hearing as they would have had to be formally served with documents by both the second chargeholder and the Court.
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 |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 11 July 2008 : 11:17:44
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Melanie,
I totally agree with you. How the reposession happened without the full knowledge and express permission of BM is beyond me. I think there could be a case to answer here, but it would be expensive and time-consuming.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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repossession - duty bound to achieve sale..??
