Lenders and Builders Equity Sharegreenspun.com : LUSENET : Repossession : One Thread
In 1989 we bought a property just before the house prices dropped dramtically. We took an offer of an equity share with the developers of around #25,000 for 10 years, expecting prices to increase and the possibility of re-mortgage to pay the equity share.
Time is almost up and I know of 2 other people in the same development with the same problem. The developer is now seeking repayment of the equity share. We all have outstanding mortgages that only just match the value of the property.
Any ideas about where we stand? Can the developer force the sale of the property? They do not stand to recoup their money if they do, as I believe the mortgage lenders have the principle claim. Are the mortgage lenders likely to object to a forced sale?
We are considering taking joint legal advice, but would like to gather as much info as possible before we approach a solicitor.
-- Jenny Mogford (Jenny.Mogford@btinternet.com), December 22, 1998
jenny, my hubby is in the situation where his deadline expired 2 years ago, so far he has heard nothing from the builder but he knows others have been taken to court.he is aware the interest is building up although he has no idea what his current balance is.if you get any help please let us know, it worries us sick. good luck with yours penny
-- penny derham (email@example.com), September 21, 1999.