Queries arising out of Vulture fund deal falling through

Bigmac

Registered User
Messages
1
Business Premises loan 180k Arrears 10K. no payments since Dec 2014, sold in 2016 to vulture fund. Has been on the market for over 3 years. A receiver was appointed last July when we were in the process of actively selling the premises, so the receivership was halted. A deal was struck to secure 120K from purchasers and a 10K payout from a family member, with the residual debt written off, but a breakdown in communications led to the paperwork not being correct and the vulture fund pulled out of the deal just as the deposits were about to be paid, citing the fact that the delay in our side was too long. They now intend to go ahead with receivers and chase me for the residual debt afterwards.

PPR Value 400 - 420k Mortgage 292K Arrears 26K. So between 80-100K equity in home. Currently paying a tiny excess over the standard of living allowance, which doesn't even cover the interest payments. Husband has advanced neurological illness for 14 years and needs fulltime care at home. Have been on 2 x 1 year forebearance arrangements with bank and now on the last few months of a 6 month arrangement, after which the bank will want us to sell. Both on SW payments. Am about to engage the services of a PPI who told me 2 years ago that no registrar would evict my husband in his condition (when the house was worth less). Now that there is equity in the house, it is a different story. I'm trying to prepare for what will come down the road.

I had hoped to get rid of the business premises loan first and relocate to a cheaper property while my husband is still able to be at home. I don't expect the bank to let our situation go on indefinitely. My husband will need institutional care at some point but it's impossible to say exactly when. However, if the vulture fund can come after me for the balance, I might be better to let them bring me to court and delay things as the equity will be gone anyway. Also will the receivership just resume from last July or start afresh and can the PIP delay it? Or does the business loan become an unsecured debt after that premises is sold?
 
Back
Top