Secured loan on house?
Answers:
she needs to talk to the interested parties and tell them what she is doing befroe incuuring court costs and defaults.
as long as she pays them before the court date with the company she owes money then it should be ok.
it will be good for both the parties to sit and hve face to face talk.i think some thing can be arranged to help her out of the peril.
To take the house off her for arrears on a secured loan, the company would have to take her to court. At the hearing, if she can show the judge a letter from her estate agent/solicitor (an undertaking) to say the sale is definitely going through, there is not much chance that the judge would then let the loan company take possession of the house. She could also ask the judge to make an order for 'time to pay' ie the loan company cannot take action for a specified amount of time to allow her time to pay their debt in full.
She could phone the loan company and tell them that if they do go for possession, then the house would be sold at auction, and may not raise enough equity to pay them in full. If they dont object to the sale going through, then the house will realise its full value and they will be paid in full. If they repossess they may stand to lose out.
If she doesnt feel up to saying this, she could get help from a free legal clinic (most solicitors give you half an hour free) to draft a statement for the court.
The Secured Loan information post by website user , LoanSecuredLoan.com not guarantee correctness.