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Scottish Trust Deed Forum
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Topic starter
18/12/2012 12:29 pm
Hi there,
18 months into TD and house not sold yet, Relatives have offered to pay off TD early,but I need to know that any shortfall in the sale of the house will not be applicable if I ve finished my TD?
help...........confused
18/12/2012 12:46 pm
Hi allastairs
Yes, it's a contingent debt so will be included in the Trust Deed. It would mean that the Trustee would be unable to be discharged until the house was sold and the shortfall known. Shouldn't have any effect on you though.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
18/12/2012 1:26 pm
thanks Mark
18/12/2012 4:52 pm
Or the secured creditor could place a value on their security and make a claim for the expected shortfall. which they would then be held to.
Either way, you would not be eligible for the shortfall allastairs.
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