Overseas Casegreenspun.com : LUSENET : Repossession : One Thread
I wondered just where the law stood about re-possession of a property, (worth 40,000 pounds) which is secured against a loan of 12,000 pounds (I have no mortgage arrears with the bank my mortgage is with). I am currently living overseas and have (because of circumstances) missed payments on this loan for the last 6 months. However, three months ago things got better and I proposed to start making payments of 300 pounds per month (100 more than the regular payment), but have heard nothing at all from the lender, Beneficial Bank. They have constantly harassed me in the past about making payments on time, by telephone and fax - because of the banking system where I am overseas, payments were not always received on time!
It is quite tempting, as thay have not replied to my offer, not to contact them further. However, I am worried that they may possess my property. What should I do?
-- Gary Brand (email@example.com), January 02, 2000