Lubna,(posted 8555 days ago)This web page exists to help people who are the victims of repossession. Because repossessed houses and flats are so frequently sold very cheaply by the mortgage lenders, something called a 'mortgage shortfall' is created. Many vulnerable people find themselves, as a result, being pursued very aggressively by a lender for money they don't have. On average, this is £27,000 some 8 years after repossession, I understand. Yet is actually unlawful for lenders to sell repossessed properties too cheaply. They are meant to market and sell them in exactly the same way as other properties.
I would be very grateful if you let me know if you do find evidence of repossessed properties being valued, marketed and/or sold relatively cheaply. As I am sure you are aware, helping others and pursuing social justice can also be a fact of life.
Thank you.