Could I lose my home?
One thing we understand entirely is that home is sacrosanct to most people thus it is imperative that the situation at home is investigated first and foremost. In many instances, a Borrower/Guarantor’s home will be mortgaged with another lending institution and, as a result of the property crash, there will very rarely be equity in the home thus there is nothing there for lending institutions to pursue/Official Receiver to vest an interest in.
However, each case is different. A lot centers around mortgage balance, current market value and whether there is any equity within the property. A lending institution only can initiate repossession proceedings. if your home has been directly offered as security.
If you have signed a Personal Guarantee, your personal assets are exposed. Any Creditor can seek to realise the equity in any assets relating to you by seeking Judgment and enforcing same thereafter or, alternatively, petitioning for Bankruptcy, even if they have no security.
If there is equity in your home, this will have to be considered in any settlement proposal to ensure that the same is protected. This will often avoid aggressive action than by a Creditor. However, rights are always reserved.
If you or anyone you know could benefit from our services, please call us today on 0330 159 5820.
We look forward to working with you.