what happens after the salegreenspun.com : LUSENET : Repossession : One Thread
My house has been reposessed this month and i still owe the morgage people £31.000 they have put it up for sale for £66.950 what happens to all the money they make out of selling the house do they get to keep the lot???????????????
-- sharon (firstname.lastname@example.org), June 08, 2004
No they do not get to keep the lot unless there is a shortfall.
Firstly, the mortgage together with any accrued interest is taken off the proceeds, then the solicitor and estate agents fees and any other miscellany fees like for changing locks or maintenance.
You get what is left if there is any.
At a rough guess - and this is very rough. Say they get £65000 in 3 months time, three months interest on £31k is about £400 or so - then estate agents fees say 2% is £1300, solicitors will be about £500 and changing locks and maintenance say £500. That totals £2200, add on the £31000, deduct from the £65000 and you are left with approx £31800 which should be returned to you.
The problems start when they cannot sell for circa £65k, but in the present climate, I think my figures above will more or less stand - hopefully!!!!
-- David J. Button (email@example.com), June 08, 2004.