I am confused and hope that someone can help.House repossessed 10 yrs ago.Contacted by main mortgage lender a few years ago and finally settled large shortfall for a small sum,no problems with that.(posted 7387 days ago)However there was a secured loan(regulated)which was the original cause of the repo.,we heard from them just after repo,asking us to make settlement offer.I had no money and told them so,and the property had not even been sold,and they have not contacted since. I thought that they had 12 years to persue,and so we could be persued still,however the NAMV said that because it was a small regulated loan(even though it was secured) that the only had 6 yrs.I want to believe this but it contradicts other postings on this site.I tried to contact namv but they must be very busy and have not replied.
Also could costs be added to any amount.I know that there was no equity in property and so the debt could not have been cleared with the prceeds of the sale.The whole thing was rather sad because the amount outstanding on the loan including arrears was well under £3000.00.Thankyou for any help.