Hi All
Have had our house for almost 6 years now, moved out about 5 years ago and have been letting it ever since. Sadly, the latest tenants we`ve had in the property have been horrendous and regularly failed to pay the rent on time, if at all. Took the necessary steps to evict them from the property and unfortunately fell behind with mortgage payments. :mad: .. Spoke to the mortgage company to try and resolve the issue but by this stage had gone too far.
Have now had the official paperwork, court forms etc. for repossession next week.
My worry is there is a lot of work needing done to the house and i know there is going to be a big shortfall when they eventually sell the house. The house i`m in just now we have a mortgage (interest only) and there is no equity at all in this house. When the mortgage company sell the first house, can they force me to sell this house, seems awful pointless as theres no equity, but i`m worried sick that this could happen ?
Have had our house for almost 6 years now, moved out about 5 years ago and have been letting it ever since. Sadly, the latest tenants we`ve had in the property have been horrendous and regularly failed to pay the rent on time, if at all. Took the necessary steps to evict them from the property and unfortunately fell behind with mortgage payments. :mad: .. Spoke to the mortgage company to try and resolve the issue but by this stage had gone too far.
Have now had the official paperwork, court forms etc. for repossession next week.
My worry is there is a lot of work needing done to the house and i know there is going to be a big shortfall when they eventually sell the house. The house i`m in just now we have a mortgage (interest only) and there is no equity at all in this house. When the mortgage company sell the first house, can they force me to sell this house, seems awful pointless as theres no equity, but i`m worried sick that this could happen ?