24 May 2011 12:00 AM:
Hi, can anyone help...we have tried to keep up with our mortgage payments with UCI , they have been very patient , we have had an agreement for the past 2-3 years, however we now find ourselves in a position where we cannot make anymore regular payments as our apparmtents isnt rented all the time and the rent we achieve doesn't cover half of the mortgage . The mortgage company has offered us 2 paths
!) To start the process of Dation in Payment..which I believe is when they purchase your propery for 90% of the value and then we take out a personal loan for the balance , in our case this will be in excess of 100000euros...impossible.
2) They will hand the case over to their english lawyers and sue us which means they will come after our home....Helllllp!!!
We only purchased our apartment because there was a guaranteed rental income of 5% of the purchase price however the company has reneiged on the agreement and are irecievership, they owe us 14,000 euros .
Thread:
Mortgage company Suing us in England
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