Being repossesses by mortgage company
Can anyone help me with this. I have a portfolio of props held in mortgage to "Mortgage Express". I decided to sell one of them to raise capital to refurb the other ones. Prior to exchange (my own ignorance I fear as I did not know about clause in original offer of the five mortgages that they would be linked and profits from any sale of any of the props taken by the mortgage company to satisfy towards outstanding remaining mortgages), I am gutted, neither my broker or solicitor pointed this out to me as bein g a very pertinent term in the offer when it was made and neither did Mortgage Express point out this to me prior to remortgaging the five properties with them at the time. This was of course back in 2005. Now I am really stumped as what to do next. There seems no way out for me, so I shall have to go bankrupt and the new company Rosinca will not get back there book debts (they have purchased the government debts and because my other pros need refurbished which is why I was selling the one property to bring the others up to standard. I am unable to do that now, neither can I rent out two of the props are they are in need of repair (what a mess), if anyone has any idea of what I should or could do, please suggest it.... but no slaps on the wrist please. I've been doing that myself . How stupid I have been. Obviously not fit to be a Landlord.
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