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Scottish Trust Deed Forum
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Topic starter
29/05/2009 3:54 pm
Hi guys
Further to my previous posts, i hav now had contact from my TD company. They have advised my options are:
1. Remortgage to release remaining equity - they will then look at what we can release and if it seems a reasonable amount, they will put it to my creditors (i have already released ?ú23K previously and they are looking for me to release an additional ?ú17K)
2. Get a 3rd party to contribute a reasonable amount to the TD
3. Sell the house and they would retain all of the value unless it pays off the full original debt including fees
4. Mortgage to Rent
They say that extending the TD is not an option as the amount of outstanding equity is too high!
In this current climate i am not holding on to much hope of getting a reasonable remortgage offer. I really don't want to lose my home and was given all sorts of assurances by my TD when signing that this was unlikely to happen.
I really feel we have worked hard over the past 3 years, paid all our contributions as asked and now may be forced down the very route we wanted to avoid.
TD seemed like a good option at the time - now it doesn't look like it was!
01/06/2009 10:14 am
Hi magscb14,
I recollect there was some surprise that the valuation carried out by the Trustee indicated that the value of the property had not reduced in the last two years.
Have you considered getting another valuation? A cheap and cheerful way of doing this would be to ask a couple of local estate agents to give you a valuation for a "quick sale".
If there valuations vary substantially from the one being used by the Trustee you may have grounds to dispute the figures being quoted.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
