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Sale after repossession (UCB Homeloans Corporation Ltd)

from Chris Gill (cjrgill@talk21.com)
Complex one this... I am helping a relative in mortgages arrears, in fact I am paying all the mortgage and arrears payments, (after pledging so at an earlier and suspended repossession order hearing). There is also a finance company chasing, and they have obtained a variation order and subsequently, a charging order over the property. The finance company are fifth in-line, behind the four other legal mortgagees (of which I am the last and UCB the first). My relative has now found alternative accomodation, and I am obviously keen to bring things to a close, whilst protecting my position. So far the mortgage company, UCB, has proved to be extremely non-communacative; the property value easily covers their position. Mortgage is interest only and due for repayment within 3 years. Negative equity would cut-out the finance company totally, with myself also losing out somewhat. Q. My question is, if I stop paying and presumambly UCB seek to enact the suspended order and repossess, HOW CAN I ENSURE THE PROPERTY IS SOLD AT A 'FAIR' MARKET VALUE???

As a foot note, a independant valuation and offer has been made on the property but so far the finance company has refused to allow the sale by waiving its charging order / caution.

I have been fighting this for years, am tired of it now and need a way out

(posted 7852 days ago)

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