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
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
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.
property with a secured loan
Posted - 10 July 2008 : 21:56:19
