secured debt hell

[princess81]

i have 2 secured loans on my property as well as the mortgage. 1 for �15k paying �190pm 1 for �27500k paying �445pm and mortgage �80k paying �571pm.
due to some financial trouble I have missed some payments on the 3rd charge (the 27500k one). my mortgage and other loan are all paid upto date with no problems, i have tried to speak to the 3rd charge lender but they say they are going to repocess me now. Can a company that only hold a 3rd charge do this even tho the mortgage is all paid and has the most interest in the property. cheers for your help

[Ethel]

Yes - because it is secured on your property. The proceeds would firstly pay off the mortgage, then the second charge and finally this lender. If there is no equity in the property it probably wouldn't be worth their while to do this.

When you signed the forms you should have seen the following in bold or large print - Warning - your home is at risk if you...

[squarebear]

Unfortunately, a lot of companies are more interested in getting your house than you repaying the loan.

[princess81]

Cheers for your answers

[frankief]

No, she's just thick and can't add up!

[amanda.1982]

I know this is probably the not the best solution but you dont want to lose your house.

If I where you I would get straight onto another lender probably one of those debt consolodation companies get them to put the 2 debts together and get them to pay the 2nd one of asap and make the new loan over a period of time that the repayments are comfortable for you to repay each month. They may still want to take your house as security but as long as they repayments are confortable with you there should be no problem.

My sister in law and her partner have a baby and they got into 30,000 worth of debt and where going to lose their house they did this now they have comfortable repayments each month, the loan is over many years though.

Make sure the loan and your mortgage come out the day after you get paid then you can budget for the rest of the month. Also losing your house will give a bad credit rating for the future.