| Question |
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Secured Loans.....Need Info quick!!!?
Me and my partner hav separated.
We want to sell our property but my partner has a £15,000 secured loan on the property.
Our morgage is £90,000, the property is worth £100,000. Can we still sell the property if we give whatever money we have left over to the loan company and he carries with the repayments til it is fully paid?
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| By
KeZzZza |
Posted on
01/31/07 Total Answers
8 |
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| Answers- |
| Hi Maybe you can try this link:
http://www.gotoinfolink.com
They have a lot of link about loan and credit, plus they have some info about making a budget.
Hope that help ;-)
Jeff |
| Answer by :
jeffl27 On Date
2007-01-31 05:13:51 |
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| Short answer is no, you are not allowed to sell any 'security' that backs up a loan.
However the long answer is 'yes' - he will need to speak to the Loan Company (I expect they will arrange a new loan at a (much) higher rate of interest for the remaining £5000))
My suggestions is :-
'tart up' the house (clean everything - put a bit of new paint on some walls - flowers in a vase - fresh coffee when they come round to view == you see the tricks on the TV all the time) and stick another 10,000 on the asking price.
NB. some-one will say 'go ahead = how will they ever find out ?' - answer is, the Loan Company will have 'Registered' an Interest in the property at the Land Registry - when you try to sell, the Loan Company will be informed by the Land Registry ... |
| Answer by :
Steve B On Date
2007-01-31 05:20:49 |
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| The mortgagee has the priority over the other creditors, and you have to pay them first,but I can only suggest that you contact the other secure creditor and obtain their agreement in principle, that you will pay them as soon as the property is sold. As the charge is already registered without their consent you will not be able to sell the property. |
| Answer by :
gordonmother On Date
2007-01-31 05:24:56 |
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| free info about quick loans visit http://www.freewebs.com/getyourloan |
| Answer by :
smily On Date
2007-01-31 06:46:44 |
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| yes you can sell it as long as when you sell, the title company cuts a check for the 15k to the loan company to satisfy it. If the loan is not satisfied, you will not be able to sell the property with the existing lien.
Your problem is you are still 5k short in what you say you can reasonably sell for. You will have to put it up in order to do it. |
| Answer by :
ricks On Date
2007-01-31 09:25:21 |
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| talk to citizens advice, they are good for it |
| Answer by :
surfer_ade_uk On Date
2007-02-02 11:19:58 |
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| You MUST discuss with the loan company first. This situation can be an absolute minefield and most lenders are happy to come to a mutually agreed way forward. |
| Answer by :
edgarl On Date
2007-02-03 02:09:36 |
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| I found this http://sivu.at/ffde article it should answer your question it has some good information on loans and good deals etc. |
| Answer by :
Tom l On Date
2007-02-03 13:02:26 |
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