Two Mortgages - One in Joint names one only in mine : LUSENET : Repossession : One Thread

11 years ago my wife and I bought a flat with a mortgage from C&G. We have since bought another property in my name only which we live in. We rent out the flat and have had great problems in getting the rent in, therefore we have arrears of #1400. The C&G have issued a warrant for possesion for the 17 oct 2000 and I would like ro know if there is anything we can do to stop it. I still have the tenants in the flat. We have had a warrant for possession before and stopped it by paying off the full arrears but am worried they will not accept it this time. We also have a secong charge on the property of #5000. What do we do about that? If they reposess us, can they also take our newly bought house as well? I don't care about the flat but don't want to lose my house. Please help

-- Sharon Shaw (, September 26, 2000


1 Which County Court is your case listed in?

2 Do you already have a possession order?

3 Do C&G know about the 1st prop was being let?

4 How long ago was the last warrant issued?

some answers

The 5k secured on the 1st prop as 2nd charge will be paid only if there is enough equity. If not then the lender may chase you for the shortfall.

Your new prop would only be threatened if there was money owing after repo and sale of the 1st prop.

( the unsecured shortfall would need to be made secure i.e. CCJ first then charging order, then sale. but it should not be easy for the lender )

To suspend a warrant is not too difficult! you need to show the court how you intend to clear the arrears,( financial statment, income and expenditure) if the time scale is reasonable then the court would ususlly allow a further suspension.

The courts are there to help you!

good luck

-- ahmad butt (, September 27, 2000.

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