Can Optima get my home...?

Discussion in 'Property Finance and Real Estate Loans' started by Steven68, Nov 12, 2019.

  1. Steven68

    Steven68 New Member


    Can Optima get my home if I can't afford to continue paying my debt? Is this possible? I especially owe them about half the price of my house.

    Please help!
  2. realdeals

    realdeals Active Member

    If you cant afford to keep up with your payments then yes they could in theory look to sell your home and repay their loan. Have you discussed your situation with Optima? Most mortgage providers will be more sympathtic the earlier in the process you advise them of a change in your circumstances. They may be able to suggest a long term solution to what may only be a short term problem
  3. lookinginvest

    lookinginvest Member

    I think everything should be clear in your mortgage agreement. However, the whole basis of mortgage arrangements is that your home is at risk if you fail to keep up with payments. That said, mortgage companies are more likely to find a suitable alternative for you rather than going through the rigmarole of selling your property, etc.
  4. jonathan004

    jonathan004 New Member

    Talk to (moderated) so they can talk to you well and be aware of it.
    Last edited by a moderator: Dec 11, 2019
  5. lookinginvest

    lookinginvest Member

    I belive the laws in Scotland are different to those across the rest of the UK when it comes to protection from creditors?
  6. Veronica

    Veronica Administrator

    The OP has not said they are in Scotland. Real estate laws in Scotland are totally different to England so unless the OP is in Scotland your comment is irrelevant.
  7. Longterminvestor

    Longterminvestor Administrator

    I think that might be some sly advertising :)
  8. Veronica

    Veronica Administrator

    I agree. Has now been moderated.
  9. diyhelp

    diyhelp Active Member

    Is there any word on how the client is getting on? Perhaps it might be time to look at some kind of debt management arrangement?
  10. Longterminvestor

    Longterminvestor Administrator

    The earlier you speak with your mortgage provider re: changes in your finances, the more chance of finding a suitable resolution.

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