S
sillygirl
Guest
Hi
We have a family home and 3 investment properties. We were doing ok up to recently keeping all the repayments on the mortgages with savings we had, however we have now missed last months repayments on 2 of the mortgages. Trying to get something done with the bank, our house has i/o repayments until October.
My question is my solicitor has wrote to me advising us that there is documents that should have been signed for the cross security of our properties. When I asked him to clarify this he stated that we signed the letters of offer for the properties however the properties have not been propertly registered as they need to been cross charged. After he explained what it meant I nearly died. I didn't know I had agreed to this that if I am in bother with any of my other properties they can take my family home. I only really have equity in that property now anyways. We have looked into selling all our IHL's but was told by the auctioneer not a hope of selling them this year. I'm out of my mind with worry. I've been out of work now over a year and my wife is working , but we cant cover all the repayments and i've explained this to the bank. They can take all the properties but not our family home. We have 4 small kids to provide for. Can I ignore the solicitor and not signed these documents and maybe then the security is not right if the bank do treaten to take our home. They also want Eur800 fee for this documentation to be cross secured. Its a real mess and i'm in a bad way as I haven't explained all this to my wife. She is working hard enough as it is to make sure our family home mortgage and bills will be paid.
Any legal advise would be appreciated as I know my own solicitor has messed this up and will have to get the doc's done for the bank.
Thanks for any advise you can give me
We have a family home and 3 investment properties. We were doing ok up to recently keeping all the repayments on the mortgages with savings we had, however we have now missed last months repayments on 2 of the mortgages. Trying to get something done with the bank, our house has i/o repayments until October.
My question is my solicitor has wrote to me advising us that there is documents that should have been signed for the cross security of our properties. When I asked him to clarify this he stated that we signed the letters of offer for the properties however the properties have not been propertly registered as they need to been cross charged. After he explained what it meant I nearly died. I didn't know I had agreed to this that if I am in bother with any of my other properties they can take my family home. I only really have equity in that property now anyways. We have looked into selling all our IHL's but was told by the auctioneer not a hope of selling them this year. I'm out of my mind with worry. I've been out of work now over a year and my wife is working , but we cant cover all the repayments and i've explained this to the bank. They can take all the properties but not our family home. We have 4 small kids to provide for. Can I ignore the solicitor and not signed these documents and maybe then the security is not right if the bank do treaten to take our home. They also want Eur800 fee for this documentation to be cross secured. Its a real mess and i'm in a bad way as I haven't explained all this to my wife. She is working hard enough as it is to make sure our family home mortgage and bills will be paid.
Any legal advise would be appreciated as I know my own solicitor has messed this up and will have to get the doc's done for the bank.
Thanks for any advise you can give me