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03/03/2013 7:40 pm
Hi all, if you have to sell home at end of TD, is there an order by law on who gets paid first? what i mean is would the mortgage be paid first then any secure loan then the rest go into TD? Would the mortgage company have a say on how much it was sold for?
Thanks!
03/03/2013 9:00 pm
That's right am123456, mortgage then secured loan then unsecured creditors via trust deed. The mortgage company might have a say - certainly if they were not being paid off in full.
Alternatively, the trustee may agree that the mortgage lender sells the property themselves.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
04/03/2013 8:26 am
The mortgage company would only have a say in the sale price in 2 scenarios:
1. When they are fronting the repossession action;
2. When a sale will not achieve a sufficient price to cover their debt
Please also note that the Trustee's remuneration take preference over unsecured creditor debts, however this should still leave plenty left for unsecured creditors.
Rob is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
04/03/2013 9:27 am
Thank you 🙂
