we might have to sell our house but...

[lollyheartstheeasterbunny]

We have a secured loan on it, We wont have enough to pay the mortgage and the loan back.

Would we be able to sell up?

Im not sure how these things work,

the secured loan will be a 2nd charge - not sure exactly how it works, the 2nd charge takes preference once the 1st charge is paid off. But don't know what happens when there isn't enough to pay it all off. Presumably they can then pursue you for the loan as the security is no longer there?

Thanks

I really hope we wont have to sell just yet.

Oh dear. Would an IVA be a better solution? I think you can sell with 'negative equity' but you will still owe the outstanding amount on the loan.

Low i was hoping you would not see this

I have got to find a job quick otherwise we are in deep shit, selling would be last resort.

Don't be ! If there is anything I can do, pleeeease let me know x

You would have to pay off the secured loan when you sell the property. Once you redeem your mortgage the secured loan will become the first charge on the property and you will not be able to complete the house sale unless this is cleared.