Possible Reposession But Also Have Secured Loan On Propertygreenspun.com : LUSENET : Repossession : One Thread
I Group have issued a Court Summons for reposession of our property because of arrears. However, we have agreed to pay the arrears back over a certain period, which hopefully means we won't loose our property - unless the Judge decides otherwise. My Query however is! We have a secured loan on the property as well. What will happen about this. If there is equity on the property, and I. Group sell, will the equity go to the other secured lender? Any Advice would be gratefully received.
-- Gillian Wimpenny (email@example.com), February 15, 2005
The short answer is yes. This is because following the execution of a warrant for possession the property can only be sold provided the new owner's solicitors are satisfied that there are no unsatisfied charges appearing on the Charges Register (good title)which they find out by completing (for registered land) Land Searches at HM Land Registry.
However, it should not come to this if you are paying off the arrears as well as paying all regular instalments as and when due. I am not a solicitor and you would be well advised to seek legal help.
-- Anon (Badger@bt.com), February 15, 2005.
Thanks for your advice - much appreciated.
-- Gillian Wimpenny (firstname.lastname@example.org), February 16, 2005.
I think it would be a good idea for you to contact the NAMV (National Association of Mortgage Victims) who have been involved in I-Group and Ocwen cases (even if you have settled). See their Website http://www.namv.org.uk/ If you do contact them I would advise you to telephone. NAMV are still operating, contrary to what some people have said.
Ocwen and iGroup and the many associated companies have, it is alleged, been involved in a major scam some time ago and seem to be trying to 'settle' their way out of it.
-- M Amos (email@example.com), February 26, 2005.