My Home!

lopliss

Hello all,

My recent business has failed due to the recession and my home is the first legal charge on the loan i have recievers coming into the business now and was wondering is it possible that i could lose my home?

thanks

blueythebear

lopliss wrote: »

Hello all,

My recent business has failed due to the recession and my home is the first legal charge on the loan i have recievers coming into the business now and was wondering is it possible that i could lose my home?

thanks

Unfortunately you could. Receivership involves a recevier being appointed to realise assets of the company in order to pay off an existing loan. The good news is that they are going after your business assets first but very often, a receivership will end in compulsory liquidation of the company anyway. If neither of these measures yield results then the Bank may have to call in the guarantee.

While this will take some time to process, it will still mean that your home is at risk down the line. Any payments you can offer will stall this process so it is suggested that negotiation with your lender would be of assistance here. Contact MABS for some financial advice as your first port of call but you should also consider a solicitor.

lopliss

Thanks for responding How long do you think it could possibly take?

blueythebear

lopliss wrote: »

Thanks for responding How long do you think it could possibly take?

Depends on so many factors that I couldn't give you any kind of coherent answer but more than a year, probably. See a professional about this as your home could potentially be at risk.

FreudianSlippers

See a solicitor - no legal advice per charter.

32minutes

Go to FLAC for initial advice, it's completely free and might get you started. They might even refer you to someone good