If I have a secured loan on the property, but choose to do a voluntary possession with my Lender, obviously the Lender sells the house and recovers lets say 10k more than the outstanding mortgage - do I get that money, or does it go straight to the company with whom I have the secured loan.
Secondly, once I do the voluntary possession, does the secured loan then automatically become unsecured?
Finally, would anyone know about transferring property to a Ltd Co.? Does the secured finance also transfer to the Ltd Co.?
All secured borrowing will be repaid first before you see any money. Any shortfall on funds received from the sale/auction of the property and what is owed will become a new unsecured debt. Any property transactions will have to be done at fair market value and with the permissions of all the secured lenders unless the borrowing is being redeemed in full as part of the transfer process.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
If I have a secured loan on the property
Posted - 21 January 2009 : 15:33:52
