Value of the house is over £600k and is now at risk of being lost over a badly managed £10k home loan.
20 years ago £10k second mortgage taken out to do some rebuilding work (house was paid off in full).
They were upset because it was one of those mortgage products where the payments suddenly jump and they thought the broker had mislead them. They stopped making payments while they tried to find fault with the broker. In a subsequent court hearing, the broker was found to have been in the right and the homeowners were left with a ballooning loan. It became so overwhelming that they kind of went into a state of denial about it. It continues to accrue interest every month!
The figure has now ballooned to £40k+
Homeowners only have £10k to their name and could perhaps pull together another 10k.
The bank has the deed now and they wont return it until payment is made in full.
Questions:
1. Do you know of any debt/mortgage negotiators in the UK?
2. Is it reasonable to expect the bank to settle for 50% (£20k)
3. The bank holds the deed. Could they repossess at any time?
4. Are there additional resources online?
Thank you all for your time and input.
20 years ago £10k second mortgage taken out to do some rebuilding work (house was paid off in full).
They were upset because it was one of those mortgage products where the payments suddenly jump and they thought the broker had mislead them. They stopped making payments while they tried to find fault with the broker. In a subsequent court hearing, the broker was found to have been in the right and the homeowners were left with a ballooning loan. It became so overwhelming that they kind of went into a state of denial about it. It continues to accrue interest every month!
The figure has now ballooned to £40k+
Homeowners only have £10k to their name and could perhaps pull together another 10k.
The bank has the deed now and they wont return it until payment is made in full.
Questions:
1. Do you know of any debt/mortgage negotiators in the UK?
2. Is it reasonable to expect the bank to settle for 50% (£20k)
3. The bank holds the deed. Could they repossess at any time?
4. Are there additional resources online?
Thank you all for your time and input.