shortfall questiongreenspun.com : LUSENET : Repossession : One Thread
We bought our home for #45000 in 1987, With advances on it - had a mortgage for #60000 and had it repossessed in 1996 by Nationwide. They sold it in July 1997 for #39000. Didn't hear anything until Nov 1999 when the b/society's solicitors demanded a shortfall amount of #42000 "ish" We served a subject access right demand on N/wide and received 2 large files on myself and my husband with regard to our records. I contacted the solicitors demanding to know why N/wide sold the property for less than we bought it for in the first place and received a letter confirming a reduction of their demand by #6000. In the files it says on an internal letter "have the lenders considered moving to a smaller property?" I suggested this at one stage and was told to "sit it out and see what happens" - What do I do now - the solicitors are threatening us with seven days and if we don't contact them action will be taken. I'm at a loss what to do!! Can anyone help please??? Here's hoping so. Jacqueline Pacey
-- jacqueline pacey (email@example.com), April 01, 2000
TRY TO SIT IT OUT THE LAST THING THEY WILL WANT TO DO AT THIS STAGE IS TAKE YOU TO COURT. DO NOT ADMIT YOU OEW ANY THING AT THIS STAGE AND SEEK ADVICE FROM THE CAB WHO WILL NEGOTIATE FOR YOU. IF THE WORST HAPENS YOU WILL PROBEBLY END UP WITH A FINAL CLAIM OF #3-4000 BE PREPARED FOR THIS TYPE OF EMOTIONAL THREAT FROM THESE PEOPLE!
-- mark stevens (firstname.lastname@example.org), August 17, 2000.