Is my home going to be taken away? (UK homeowner, 2nd mortgage)
May 21, 2013 6:35 AM Subscribe
More details after the jump, but in short: Mortgage lender holds the deeds to the house after missing payments for years.
I am trying to figure out what the imminent risks to the house are and if I could find a debt negotiator.
Many thanks to you all.
posted by seatofmypants to work & money (6 answers total)
UK homeowner, elderly people who are unable to move. Value of the house is over £600k and is now at risk of being lost over a badly managed £10k home loan.
20 years ago £10k second mortgage taken out to do some rebuilding work. Because of a dispute with the broker over what they thought was mortgage fraud, they stopped making payments and the figure has ballooned to £40k+. It turns out that there was no mortgage fraud and the bank simply wants to get paid now. Homeowners only have £10k to their name and could perhaps pull together another 10k.
The bank has the deed now and they wont return it until payment is made in full.
1. Do you know of any debt/mortgage negotiators in the UK?
2. Is it reasonable to expect the bank to settle for 50% (£20k)
3. The bank holds the deed. Could they repossess at any time?
4. I found http://www.nationaldebtline.co.uk/ to be somewhat useful in terms of info. Are there additional resources online?