Author Topic: morgage and charge against my home  (Read 21279 times)

salamander

  • *
  • Posts: 2
morgage and charge against my home
« on: Apr 23, 2014, 10:14:07 AM »
My company which is going to be wound up by the vat man, has an outstanding loan which is charged against my home. I am in no position to pay this loan. Can they force the sale of my home even though there is no equity in it ? Is there any point paying my mortgage ? This has been going on for over a year now with letters being sent from the loan company every couple of months. I went to CAB about my other personal debts but they weren't intrested because this loan they said made it complicated !! :(
Anyone out there got any idea what i should do ????   

Sunganani

  • *
  • Posts: 3
Re: morgage and charge against my home
« Reply #1 on: May 09, 2014, 08:41:55 AM »
I am wondering how big the debt is and how you are earning money right now. Otherwise it seems quite general to say anything without those two items listed.

salamander

  • *
  • Posts: 2
Re: morgage and charge against my home
« Reply #2 on: May 09, 2014, 10:00:18 AM »
The debt is £40k, and i am just getting by selling off various items complete mess really ! Just sent them off a mortgage statement the other day to prove to them that there is no equity in the property ! :-\   

Michael1

  • *
  • Posts: 4
Re: morgage and charge against my home
« Reply #3 on: Jun 11, 2014, 09:09:06 PM »
From my own personal experience, I doubt that they are simply going to take your word for the fact that there is no equity in the home. This is something that they are likely to want to establish for themselves. Even then, a little bit of money is still better than nothing at all for most banks.

alastair swanwick

  • Jr. Member
  • **
  • Posts: 11
Re: morgage and charge against my home
« Reply #4 on: Aug 25, 2014, 05:24:56 PM »
This is something that they want to establish for themselves.