cwah
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Post by cwah on Jan 29, 2021 16:50:54 GMT
I just can't see how a secured loan on first charge could ever be considered as void once the person deceased. The security should belong to the 1st charge holder until it's paid back normally? What can void that? AIUI The debt would normal pass to the estate of the deceased which would be required to settle the debt prior to any distribution of the charged asset to beneficiaries. It wont be voided by death unless there is some other reason ie contractural/security issues Few examples on other platforms Thanks. What sort of contractual/security issue could wipe out debt when the borrower die?
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adrian77
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Post by adrian77 on Jan 29, 2021 19:19:06 GMT
FS have already failed to prefect charges correctly e.g. Barnsoldwick cottage - there are already issues with this loan which seems to be going on forever and the house is rented out. Also there may be structural issues. We can but hope the estate includes this house but who knows?
Also what happens if the local council have a claim on the estate to enforce HMO regulations and/or the tenants fight any eviction
For an estate then the order of repayment is so this one should be simple 1) secured loans (e,.g. mortgage) 2) taxes 3) unsecured loans e.g. credit cards
Also estates may be subject to an ‘insolvency administration order’. Considering FS failed to check ownership of the racing cars and this chap was Nigerian I am not exactly confident this one will be simple
below was written by a fellow forumite
but I also read
so what the hell is going on here - time for a proper update!
to be honest I think he has died - he was 64 which is not that old nowadays but not exactly 25 either.
I haven't a clue what to make of this one...guess have to wait another 3 months for another meaningless update!
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iRobot
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Post by iRobot on Oct 29, 2021 16:42:48 GMT
30/07/2021 - As the borrower has passed away, solicitors have been unable to issue a possession claim. Instead, an application has been issued to attempt to appoint the borrower's widow as representative of his estate in order that a possession claim can be made. The application is listed for a hearing in August 2021
29/10/2021 - In August 2021, an order from court was obtained to appoint the borrower's widow as the appointed representative of his estate, in order that the possession claim can be served on them. Solicitors are currently undertaking a review of the FS file of loan documents and correspondence, which are extensive, prior to issuing the possession claim.
Loan amount £720k; accrued lenders' interest c. £308k
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adrian77
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Post by adrian77 on Oct 29, 2021 17:39:03 GMT
I remember this one - sad situation with him dying - not convinced FS have a claim here I guess it depends what is in the loan agreement?
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Post by overthehill on Nov 1, 2023 15:13:29 GMT
Another borrower who has no conscience and feels no responsibility to repay a loan and wants to keep the security property. The legal system is seemingly doing its best to oblige.
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