question category: Other Debt Questions

I need to sell my home but have a secured loan as well as mortgage what happens to the loan?
Submitted on: 12th Jul 2009 by Non-Member | Total Answers: 2

I have a mortgage, a secured loan and an unsecured loan on my property but need to sell due to struggling with the repayments. I need to know what happens about the secured loan(2nd charge on the property) if there is not enough cash realised from the sale to pay it off ?

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Re: I need to sell my home but have a secured loan as well ...

When you sell a property the money is used to settle off "charges" in the order they were "charged".

So the mortgage (the first charge) is settled first.
Then the secured loan (second charge) will be settled, (assuming they allow the sale) and any portion left unpaid will then be an unsecured debt.

This and other unsecured debts will have to be dealt with.

Submitted on: 13th Jul 2009 by Darren Member

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Re: I need to sell my home but have a secured loan as well ...

I have paid the loan but before i could obtain a certificate of satisfaction the company has stopped trading.
how do i solve this problem please

Submitted on: 23rd Jan 2012 by TOM &JEAN ROBERTSON (not verified) Non-Member

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