repo house sold for more than debt owed.

greenspun.com : LUSENET : Repossession : One Thread

After moving to usa from uk and renting out our property the tennant did not pay the rent for some time and we recieved notification from nationwide BS too late to stop the repossession...... The property was repossessed and sold very quickly for less than we expected..... but we have decided not to persue that part.

One thing though...... we know they made about 20,000 pounds profit from the sale........... Citizens advice said we are entitled to any profit...... (I contacted them by Email)

How do we request the profit? What should we ask them to do eg... statements of charges etc......

I have no experience of repossession and feel completely lost as to how to deal with this especially being so far away in usa......... any advice will be gratefully recieved..... thanks.

-- jo newman (loopyjln@socal.rr.com), June 27, 2001

Answers

Yes, you are entitled to the profit. Your situation will actually be pretty much the same as those of us facing shortfalls. You need to make sure that all the charges made by the lender are justified. This site will give you more information.

Does your lender know where you are in the USA? If not, then write to them at their head office, give the mortgage account number and property address, and ask for a completion statement. Then take it from there.

Do read through this website. Just because the house sale made a profit doesn't mean that the lender can still skim off the top with unreasonable charges.

How much you want to pursue the matter is up to you. If you know that you can get 20,000 out of it and you're happy with that, then its up to you, but if you find out that it could have been more, or the amount being charged in fees greatly reduces this profit, then its certainly worth pursuing.

Good luck.

-- pendle (pendle@amun-ra.demon.co.uk), June 27, 2001.


Thanks for your reply. :).

I have sent a letter to them requesting a completion statement. I do have another question if that is OK....

When we recieve the letter from them, what do we ask for? Is it normal to ask them to send a cheque to us or do a bank transfer into our UK account? OR.... Is it more complicated than that? ( expecting a plethora of red tape here you know. tee hee. )

Sorry to have to ask, but never been through anything like this before. Thank you so much for your help . :)

-- jo (loopyjln@socal.rr.com), July 06, 2001.


I would presume, having not had the pleasure of a surplus, that the lender would offer various ways of making the transfer. The most likely, I would suspect would be for them to send you a cheque so if it would be easier for a bank transfer I think it is best if you ask before hand.

Hope it all goes well.

-- Matt (mattyc@ntlworld.com), July 07, 2001.


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