Whan exactly is a judgement mortgage(urgent)

I would sugest that you should inform the creditors that you will have to reduce your payments for a period of 6 months. pay them something each month even if it is small. this should prevent anything happening.
j
 
Jonnykkk i suggest you visit Mabs who can give you advise and explain the actions creditors take on default etc and if you want them to may be able to help you in negotiating with your creditors - or support you in negotiating with them yourself . Or ring the support line (on their web site)

Unsecured debt does mean its not secured on your house or other property. A judgement mortgage can only be got once the creditor has got a judgement against you, then got back to Court to apply for an assessment of your means. He might at that point ask the Court to make an instalment order (order for you to pay a certain amount pm based on your means) or apply for a judgement mortgage. They will usually take the path that gives them some money. As far as i'm aware judgement mortgages are to ensure that if you do sell the house the creditor gets repaid but in practise i think they rarely apply to the Court for the house to be sold. Its a different system to a repossession and takes a while to get tot that stage.
 
Seeing as no one wants to answer the OPs question directly:
This is a long-term way of securing payment if other options have failed. If the debtor owns a house, even jointly with a spouse or someone else, the judgement can be registered as a Mortgage against the house. We do not need consent to do this and it does not matter if the house is a family home or not.
A Judgement Mortgage is valid for twelve years (provided it is re-registered every five years) from the date of judgement and if in that time the debtor sells his property or re-finances his Mortgage he will have to pay it off with statutory interest (currently 8%) and costs. It is surprising the number of houses that do change hands within twelve years, particularly where the debtor has other financial problems. A creditor who has registered a Judgement Mortgage has the option of applying for an Order for Sale of the property.
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If this is a family home, a court would be very unlikely to grant an order of sale.
 
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