A creditor is about to take a charging order on my property. I want to know if this creditor has the right to discuss this issue with my mortgage lender and will they exchange informaton about me.
Absolutely: a charging order will fundamentally affect the rights the mortgage issuer has on the property. In any case, a charging order can only follow a county court judgement being issued against you, and these judgements are public information anyway.
Charging orders are rarely issued, so I am presuming it is a very large debt.
July 29th, 2010 at 11:13 pm
I’m not sure what a "charging order" is. If it is a lien then yes the creditor will inform the mortgage lender so that if you try to sell the property, they will get paid as well. The "lien?" will also be recorded at the registers office so any time a title search is ordered it will show up. Since they both have the property as collateral, yes they can exchange information about you.
References :
22 years in mortgage business
July 29th, 2010 at 11:29 pm
Absolutely: a charging order will fundamentally affect the rights the mortgage issuer has on the property. In any case, a charging order can only follow a county court judgement being issued against you, and these judgements are public information anyway.
Charging orders are rarely issued, so I am presuming it is a very large debt.
References :