Can I relax after 7 years?greenspun.com : LUSENET : Repossession : One Thread
Firstly what a fantastic site this is!!
My house was repossessed in 1995. I have had no contact with the building society since then. I think I am easy to trace as I still work for the same company, but I (touch wood) have heard nothing. Can I relax or should I still be petrified until 2007?
-- Sandy Lewis (email@example.com), April 21, 2002
There is "supposed" to be a voluntary code which states:
"In addition, from 11 February 2000, lenders who are members of the Council of Mortgage Lenders have agreed voluntarily that they will begin all recovery action for the shortfall within the first six years following the sale of a property in possession. Anyone whose property was taken into possession and sold more than six years ago, and who has not been contacted by their lender about recovering any outstanding debt will not now be asked to pay the shortfall. The Association of British Insurers supports this approach on behalf of the mortgage indemnity insurers. You can phone The Mortgage Code Compliance Board on 01785 218200 to find out if your BS adheres to this. Also,read what the CML says on their web page,address below,there are some conditions attached.
-- M Amos (firstname.lastname@example.org), April 22, 2002.
Thanks Mark Very interesting....complicated, but interesting.
-- Sandy Lewis (email@example.com), April 23, 2002.