Another point to add to the last post!greenspun.com : LUSENET : Repossession : One Thread
Sorry, just remembereed this one - My husband and his ex were offered £21k for the house December 1994 after years of repayment problems. NHL would not agree to this shortfall, repossossed within 6 months and sold the house for £14k instead. To me, that doen't sound fair but I always assumed we could not prove it - well there is a note in the SARs gumph about the phone conversation which does. Would this make any difference to us now?
-- Linda (email@example.com), September 11, 2003
To make a counterclaim for underselling this normally has to be done within 6 years of the property being sold. Furthermore, you would need hard evidence of this, e.g. a valuation of the property, or similar property in the same area at the time of sale. There may be, I believe, a legal argument for extending the 6 year period for counterclaiming if you weren't informed of the sale/sale price and the lender knew where to contact you. You would need to check this though with a legal expert experienced in mortgage shortfalls, not easy to find unfortunately.
-- M Amos (firstname.lastname@example.org), September 12, 2003.