repossession on a top up mortgage : LUSENET : Repossession : One Thread

i was repossessed in 1996 i had a company mortgage and my ex had a top up (which was second charge) my mortgage was paid off in full but there was #27,000 negative equity on the top up. my name was also on this mortgage where do i stand

-- julie atkinson (, June 08, 2000


We presume by your statement "my mortgage was payed off in full" This we presume is the main mortgage or your company mortgage if you were repossessed in 1996 does this mean that you or your partner owed on the main mortgage?

The second charge ,main point on this is as you state negative equity! when you took out this second mortgage or charge you would have signed what is called a deed of postponement and arranged via your solicitor which is as it states puts this second charge in second place behind the first charge "the MOrtgage" and is then registered at the Land reg this forms the title deeds to your property

If and and i say iF At the time of repossession the second charge lender decided there was no point in chasing you -they may have signed what is called a consent order This is an order done by both both parties solicitors then as it states an order is given to the court which as it states consents to agreeing not to follow up the debt Should this have not been the case you should contact a solicitor if we presume from the message you either want to apply for a new mortgage or just no were you stand which is quite responsible request!

The problem with repossession on negative equity were a first charge already exists can fill a text book in itself and can sometimes be very complex

Saying that the fact that you are asking the Question shows your intent to have this matter clarified wish you luck

Charles Twford

-- charles twford (, June 09, 2000.

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