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 bankruptcy postbag for july
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Maz
Junior Member

United Kingdom
239 Posts
Posted - 12 October 2008 :  18:41:44  Show Profile  Reply with Quote
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

Reviva UK
Advanced Member

United Kingdom
2452 Posts
Posted - 12 October 2008 :  20:29:19  Show Profile  Reply with Quote
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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REXN
Starting Member

United Kingdom
1 Posts
Posted - 13 October 2008 :  20:56:11  Show Profile  Reply with Quote
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?
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JulianDonnelly
Junior Member



United Kingdom
325 Posts
Posted - 15 October 2008 :  13:04:06  Show Profile  Visit JulianDonnelly's Homepage  Reply with Quote
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
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