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  • Property-a-holics

    Urgent Advice Required - vendor house repossession looming!!

    Hi Raj - Its good that you are taking action and sourcing deals.  I was looking at these kind of deals in the early days trying to help vendors and see if I could make the deal stack but I can assure you alot of time can be wasted on deals that have no win/win situation.

     

    You can try calling the secured loans and mortgage company and securing x pence in the £ I have done it in the past but quite often it falls down. 

     

    John Raiye

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    Many thanks everyone

     

    I have no emotion tied at all to the property. Its not the first property I have bought. The others have all been less than 30 mins from home so the fact that it is close to home is normal. This one is closer than the others. And yes I would like to help the vendor

     

    Two exits are possible. (1) BTS but I would need to secure it for £160K so will attempt to negotiate down the debt with the 2nd charge lender via a debt management company. If not possible, then walk away unfortunately (2) its a good HMO area for professional lets

     

    I have faxed letters of authority to both secured creditors

     

    Pat I will tell her to call the appropriate authorities you suggest and see what they advise.

     

    I would prefer option (1) as I have bought quite a few BTLs recently so need to do a few BTS's

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