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Posted: Tue Jul 01, 2008 12:27 am
by mte
We have a mortgage of £290,000 with Northern Rock and a second charge of £98,000 with Barclays. Our house is only worth £285,000. If we default on the 2nd charge can they repossess the house?
Posted: Tue Jul 01, 2008 12:31 am
by facingittogether
hi and welcome!
you need to wait for a expert to advise you!
hang on in there and good luck!
love barb x
Posted: Tue Jul 01, 2008 8:16 am
by MelanieGiles
Technically yes - once you miss more than three payments the secured lender has the right to apply for a possession order and then an order for sale. It may not be granted if you are able to make a reasonable offer of settlement, together with assurance that you can make ongoing payments.