S
sillygirl
Guest
i have a family home mortgage and 3 other mortgages with a certain building society. We did an equity release to buy 2 of the properties. Now my solicitor is advising me that the bank require a cross collateral charge over each of the properties as well as the last property just registered. We bought the last property nearly 3 years ago. Now i am really struggling to keep the repayments on all the mortgages. 2 mortgages ,my home and another property i pay c&I repayments the 2 properties i pay interest only. The last 2 properties are in negative equity. I am trying to negotiate somethng with the bank in relation to a payment break. I lost my job over a year ago and only my wife works. We have 4 kids to provide for, That left aside my main concern is losing the family home....in fact I haven't slept since i got the letter. My solicitor says i signed the letter of offer which included all properties as security. I didn't know that at the time. Thought it meant that the bank had security over the other properties, not that they could take my family home. The bank can take all my IHL's i dont care at this stage but not my family home. Our parents put alot f money into our house when we built it.
Can I refuse to sign these documents. The bank are putting pressure on him to get the doc's signed as he should have done this when we took out the last mortgage. He wrote in his letter that they were 'ancillary documentation;
Thanks
Out of my mind with worry here!!!
Can I refuse to sign these documents. The bank are putting pressure on him to get the doc's signed as he should have done this when we took out the last mortgage. He wrote in his letter that they were 'ancillary documentation;
Thanks
Out of my mind with worry here!!!