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House repossession

Quiet_thought · 2011-06-16 07:52:32

Hi, Ok quick question. If someone owns 2 houses and can't pay one of the houses mortgage, does that home then become repossessed? Or will it affect both homes? Thanks

16-06-2011 7:52am

#1

Quiet_thought

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Hi,

Ok quick question. If someone owns 2 houses and can't pay one of the houses mortgage, does that home then become repossessed? Or will it affect both homes?
Thanks

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Comments

#2 16-06-2011 8:35am

wyndham

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It depends what the mortgages are secured on, and other factors. Could be cross secured.

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#3 16-06-2011 9:32am

Ray Palmer

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You need to look at the value of the loan as that is what you owe not the property. You are best going to MABS and talking with them to full explain your option. Repossession is not really what you want to have happen. Sell the house repay the mortgage as much as possible and then the difference is applied to you family home mortgage. It will also mean you will most likely loose and tracker mortgage if you have it.

You really need sound financial advice with all the figures fully explained. It will be a rough ride. Effectively any negative equity will end up on your home with an unfavorable interest rate.

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