what happens to my secured loan on a repossessed house property?
i had my property repossessed last may but i also had a secured loan on the property. The house has just sold about 3 weeks ago but i keep getting phone calls of the secured loan company saying that i owe 33 grand because the house has sold the mortgage people wont tell me how much it went for they just sed i had a 18 grand shortfall does that mean for both mortgage and loan. any advice would be much appreciated thank-you.
hi they are contacting me by phone they also have my new address aswell.
thankyou for your replies
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February 3rd, 2010 at 9:10 pm
Tell them you do not own the property and refer them to the mortgage company. Do this in writing as the stupid people will not let go otherwise. How are they contacting you? surely your old address is not valid.if by phone change your phone number and any correspondence will go to old address.
February 4th, 2010 at 1:23 pm
Write to the loan company, telling them of the repossession – yes!
Don’t pay them anything until you have any indication as to how the sale proceeds have been allocated – remember, a secured loan has the same legal value as a mortgage, and both will carry a charge on the property.
The problem arises when the first creditor sells up, revealing nothing, but simply that you owe them; put it to them that they failed in their responsibility to get a fair and reasonable price for the property. However, if you had little or no equity available to pay off both creditors, you could be stuck.
You need serious legal advice, and I suggest you obtain it and soon!
February 8th, 2010 at 12:19 am
I suggest you consult a lawyer (use the free introductory session) or go to the CAB.
Certainly write to the second company, explaining what has happened.
To cheer you – this has happened to a lot of people recently. Good luck
February 9th, 2010 at 9:15 am
100% you should seek legal advice. Its difficult to tell from what you wrote whether or not the “secured loan company” has a legitimate claim against you or they are just trying to extract money that they are not entitled to.
If you think about it from their point of view there is little downside to them for calling you and asking for the money. Some people just panic and pay without knowing the legal aspects of it all.