Shaort Fall

greenspun.com : LUSENET : Repossession : One Thread

In 1996 i had my house reposessed i received confirmation that possesion had been granted and in the letter from the county court it stated that we had to pay the ammount Of 0.00 which is the amount outstanding under the mortgage, so i got on with my life until March 2000, when i received a letter from a firm of Solicitors informing that an Ammount of 23000, is still outstanding om my Mortgage Account.Please can you advise, i have still got the origional letter from the county court from 1996. informing me i owe 0.00

-- Ian Shaw (ian@shawbrfc.fsnet.co.uk), September 21, 2001

Answers

Ian,

Sorry, but its possible you've got mixed-up here. The court wasn't finding you liable to repay anybody; it was dealing with your property, specifically the mortgage holders right to repossess it, therefore was unlikely to make a money judgement on it.

Once repossessed the building society has the right to sell it and you are liable for the difference between the amount they sell it for and the original mortgage, PLUS any costs they have incurred in marketing and selling the property PLUS any interest that was payable in the period between their repossession and final sale.

Okay, now breath deeply. Thats the bad news over. The good news is that building societies tend to be crap at selling properties and looking for good value in allocating these spurious costs. The bad news for them is that they are LEGALLY obliged to obtain the best market value for the property (1986 building societies act). What this page advises is that you query how they went about marketing and selling the property, and look into the additional costs they have loaded on to bill. Query each and everyone of them.

Your starting point is to look around the rest of the page, and gather your documentation. Then start asking them questions. Were you, for example, told by the building society that they had repossessed? They should have written to tell you and give you 14 days to, and I quote from the law, 'remove your goods and chattels'. 'Chattels' is old-legalese for 'things' i think.

Remember that these people prey on the uninformed. So don't let on you're receiving help from somewhere like here. They like to bully and threaten but are powerless in the face of polite requests for relevant information that they daren't supply because it blows holes in their client's case.

As Coldplay would say Everything's is not lost, in fact as the Carpenters would say 'We've only just begun'. Good luck

Andy

-- (bluemoon@mcfc.co.uk), September 22, 2001.


I agree with the the response you have already had. However, Please advise me directly if you wish as to whom was the Building Society and what part of the country your based.

-- D. Morgan (david@angrove.fsnet.co.uk), September 24, 2001.

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