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Secured loans on property sale?
If you had a property and the mortgage was for £40000 and you had 2 secured loans of £26000 and £10000, and you sold the house for less than the total secured debt, what would happen? Can the secured loan stop the house sale?
2 Answers
- Steve BLv 710 years agoFavorite Answer
At a guess, yes they CAN stop the sale == after all, the house is their 'security', why would you think you can sell it out from under them ???
On the other hand, if you fail to meet payments on any of the loans, the Mortgage Company (or one of the other lenders) will not doubt try to get a Court Order to 'repossess' the property .. and effectively make you bankrupt .. Since that's likley to end with the house going to Auction (and making less than it would if they HAD let you sell it), you may actually be in a good position to talk to them and convince them to let you go ahead.
Be warned = they WILL demand to know how you are going to repay the balance of the loan that is not covered by the sale ..
- 6 years ago
Secured loans are useful if you need to borrow a substantial amount. Maybe you’re a homeowner wanting a loan to improve your property. Here’s how to compare secured loans.
