my sister in lot debt selling her house sale nearly completed should be in 3/4 weeks there is secured loan on property she knows this will be paid from the equity but she is £1000 in arrears with loan company they are threating to start legal proccedings to take house and stop the sale as she cant pay them as her and husband getting divorced and she has 4 kids to support and feed can they do this as the sale is nearly completed
2006-12-13 05:22:02 · 4 answers · asked by Becky K 1 in Business & Finance ➔ Renting & Real Estate
they have told her it will take 7 days to take house off her is this true as this means she will be out before xmas
2006-12-13 05:30:44 · update #1
she needs to talk to the interested parties and tell them what she is doing befroe incuuring court costs and defaults.
2006-12-13 05:24:27 · answer #1 · answered by My name's MUD 5 · 0⤊ 0⤋
To take the house off her for arrears on a secured loan, the company would have to take her to court. At the hearing, if she can show the judge a letter from her estate agent/solicitor (an undertaking) to say the sale is definitely going through, there is not much chance that the judge would then let the loan company take possession of the house. She could also ask the judge to make an order for 'time to pay' ie the loan company cannot take action for a specified amount of time to allow her time to pay their debt in full.
She could phone the loan company and tell them that if they do go for possession, then the house would be sold at auction, and may not raise enough equity to pay them in full. If they dont object to the sale going through, then the house will realise its full value and they will be paid in full. If they repossess they may stand to lose out.
If she doesnt feel up to saying this, she could get help from a free legal clinic (most solicitors give you half an hour free) to draft a statement for the court.
2006-12-13 06:10:21 · answer #2 · answered by jeanimus 7 · 0⤊ 0⤋
it will be good for both the parties to sit and hve face to face talk.i think some thing can be arranged to help her out of the peril.
2006-12-13 05:27:31 · answer #3 · answered by ganesh n 5 · 0⤊ 0⤋
as long as she pays them before the court date with the company she owes money then it should be ok.
2006-12-13 05:24:46 · answer #4 · answered by anonymous 6 · 0⤊ 0⤋