iRobot
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Post by iRobot on Jan 31, 2022 20:34:17 GMT
31/01/2022 - "An offer has been received and accepted at £340,000. The sale is now proceeding and an update will be provided in due course."
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adrian77
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Post by adrian77 on Feb 1, 2022 12:15:53 GMT
according to my maths £340K has to cover first charge £232K plus any expenses - wonder if this is in default? FS loan £122K plus expenses
so zero chance of any interest and quite possibly a 100% write-off - brilliant!
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mikes1531
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Post by mikes1531 on Feb 5, 2022 15:38:14 GMT
according to my maths £340K has to cover first charge £232K plus any expenses - wonder if this is in default? FS loan £122K plus expenses so zero chance of any interest and quite possibly a 100% write-off - brilliant! I'd have to agree. The first charge loan probably has been in default for some time, building up default charges at an eyewatering rate. The holder would have been in no hurry to enforce the security as long as the property value was enough to cover what they were owed. So they sit and wait for the second charge holder -- FS -- to take, and pay for, the enforcement. With the FS Administrator being so slow to act, I expect the equity remaining to go toward the repayment of the FS loan to be headed for zero rapidly.
Moral: Avoid second charge loans like the plague!
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