voluntary repossession - what's the legal position?greenspun.com : LUSENET : Repossession : One Thread
After seven months in my new home, I rented it out to a tenant on Benefit, having found employment in a different area. During the 1st 6 month lease, I changed estate agents as I was not happy with the service. After being told by my tenant she was to renew the lease, the rent stopped. I eventually contacted the BA myself who informed me that my tenant had not renewed the lease. After struggling a couple of months to pay the mortgage and my own rent, I sent the keys back to the building society. They have since tried to contact me, but the mail at my old address has been returned. They have my house, I do not have anything else to give or superflous salary. What can they do to me if they find me?
-- Jackie Budd (firstname.lastname@example.org), April 18, 2000
The information given on the website should give you a pretty clear indication of what is likely to happen. But basically, the lender will sell your house. They are supposed to sell it for the best possible price, however, that isn't always the case. When they do find you, they will chase you for the shortfall. You'll see from the information posted by others that the amounts claimed by lenders are somewhat dubious and you'll need to push them to show that they sold the house for the best price and the amount they want from you is justified. When this happens you may be able to negotiate paying a small amount in full and final settlement.
-- pendle (email@example.com), April 18, 2000.