Repo last August still not sold

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I had a shred ownership property repo last august and it was put in the hands of the housing association to sell they have not sold it yet and it has now been given to the mortgage company to sell. there is a profit on the share for me but in the time that it has not been sold the mortgage company have added approx 8k in interest is this right if not can i claim the money from anyone? Thanks in advance for any help recieved.

-- Mark Lonsdale (marklonsdale@tiscali.co.uk), June 09, 2004

Answers

Mark

I would suggest you SARN the housing association responsible for selling the house and anyone else involved in selling it. The information you recieve from the SARN may demonstrate whether or not they have made serious efforts to sell it. You should ask in the sarn letter to include all details of viewings, adverts etc. They do have a duty I believe to sell the house asap for the best price they can get.

Hope this helps

Moira

-- Moira (Anderston828@aol.com), June 11, 2004.


A mortgage lender does not owe a duty of care to a borrower in that they dont have to sell at a particular price at a particular time.

If they get and offer early in the marketing process and turn it down on the basis that further marketing will attract a higher offer, then only manage to sell it 4 months later for say 20k less than the offer recieved early on, then they cant be held liable under duty of care.

This is of course on the basis they did not act with any negligent intention.

-- Lee Wisener (lee@wisener.net), August 19, 2004.


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