Vulture fund demand letter

The shortfall will be an unsecured debt.

But they will go to the court and get a court order for its payment.

If he does not pay it, they can get convert it into a judgement mortgage.

Brendan
 
So I kick him out of the house due to stress of this issue. He keeps paying the mortgage ,give it a year or two and then sells it. It just sounds so unbelievable and convenient. My head is spinning. I think I need to speak to a solicitor and get details of all possible outcomes or should I stick with pip?
 
There's no need for a panic scenario. Didn't the pip suggest to you a -strategy. Meaning he doesn't really move out.

It's to put you and your partner in the driving seat with the bank and prevent the rent receiver. Once that is done you put the house up for sale with the banks permission. Why did you go to pip, the expert in this area, if you refuse to act on his advice. Did you pay the pip?
 
He said we should try at all costs not to have a receiver appointed.
Offer to pay the arrears. He dictated the email to be sent and they came back that day to refuse the offer
He also said if they refused the offer to say that he has moved out of the family home and into the investment property as they will find it harder to repossess property. - he would not be moving out.

He would not accept any payment for his advice - it was offered-and said he would be happy to continue helping us.
My concern is that the situation is a serious one that needs to be addressed urgently and I need advice from people who know what they’re talking about.
I’m not saying he doesn’t know what he is saying but it’s important I get sound advice. The panic part is we have 11 days to make full payment and if no payment is received a receiver will be appointed. This is the last thing I want. I need to have this resolved by the end of this week.
 
They have emailed us to say their client has refused our offer of a consensual sale and it will now go into receivership. Anyone know what happens now. What’s the procedure? I need to let the tenants know
 
You don't mean receivership, you mean a rent receiver will be appointed. He will collect the rent. He will pay himself and he'll pay some of the mortgage and this could go on for a very very long time and cost you a lot of money.

I don't understand why you don't go with the Pip's suggestion.

(The tenant's do not realise in all probability that the Receiver is not obliged to repay them the deposit and the Receiver will leave them in blissful ignorance of that, so if the tenant's are leaving for whatever reason, they shouldn't pay the last months rent.)
 
Oh he sent him a really sweet email last night saying I have kicked him out and he is now living there. The reason we didn’t go ahead with the advice is because he backtracked and said they would look into it to see if he was really living there. We had told them there was tenants living there.
 
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