Can Optima get my home...?

[Steven68]

Hi,

Can Optima get my home if I can't afford to continue paying my debt? Is this possible? I especially owe them about half the price of my house.

Please help!

 

[realdeals]

If you cant afford to keep up with your payments then yes they could in theory look to sell your home and repay their loan. Have you discussed your situation with Optima? Most mortgage providers will be more sympathtic the earlier in the process you advise them of a change in your circumstances. They may be able to suggest a long term solution to what may only be a short term problem

 

[lookinginvest]

I think everything should be clear in your mortgage agreement. However, the whole basis of mortgage arrangements is that your home is at risk if you fail to keep up with payments. That said, mortgage companies are more likely to find a suitable alternative for you rather than going through the rigmarole of selling your property, etc.

 

[jonathan004]

Talk to (moderated) so they can talk to you well and be aware of it.

 

[lookinginvest]

I belive the laws in Scotland are different to those across the rest of the UK when it comes to protection from creditors?

 

[Veronica]

Talk to Scottish trust deed co uk so they can talk to you well and be aware of it.

The OP has not said they are in Scotland. Real estate laws in Scotland are totally different to England so unless the OP is in Scotland your comment is irrelevant.

 

[Longterminvestor]

I think that might be some sly advertising

 

[Veronica]

I think that might be some sly advertising

I agree. Has now been moderated.

 

[diyhelp]

Is there any word on how the client is getting on? Perhaps it might be time to look at some kind of debt management arrangement?

 

[Longterminvestor]

The earlier you speak with your mortgage provider re: changes in your finances, the more chance of finding a suitable resolution.

 

[FWL]

Was there any equity in the property when you first started to experience financial distress?