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Ben Jones
Ben Jones, UK Lawyer
Category: Scots Law
Satisfied Customers: 4
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
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My brother lost s job and s house is in negetive equity due

Customer Question

My brother lost his job and his house is in negetive equity due to be reposed the problem is he has a 40000 pound share of my parents house est value 150000 his adviser has told them that they will be forced out of there house were do they stand
Submitted: 1 year ago.
Category: Scots Law
Expert:  JGM replied 1 year ago.

Are you talking about two different houses, your brother's and your parents?

Customer: replied 1 year ago.
two different houses he lent the £40000 his fi vial advisor says that they will have to sell their house making them homeless!
They are both retired surly this can not be correct ?
Expert:  JGM replied 1 year ago.

So is there a debt due by him secure over the parent's house. Can you explain the situation a little more. I understand that if his house is repossessed he may owe the mortgage company money. Is his name of the title of the parents' house? Is there anyone else that can take over that share?