Shared Ownership House with Equitygreenspun.com : LUSENET : Repossession : One Thread
Hi, I have recently had my house repossessed. It was purchased share ownership, and I defaulted on the mortgage share. My question is, the mortgage company is selling it outright and will pay the housing association share, but will the remaining equity of around #25,000 after all the costs etc., be paid back to me. I realise that if there was a shortfall they could chase me for the debt, however, what happens when there is a profit?
-- Stacey Shay (firstname.lastname@example.org), June 27, 2000