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T O P I C R E V I E W
jh112
Posted - 13 January 2012 : 14:45:44 I had my property repossessed and the mortgage company sold the property for less than I had an original offer for the offer i had was for £93,000 and they sold at auction for £53,000. Please advise if this is aloud and how I stand
2 L A T E S T R E P L I E S (Newest First)
Viki.W
Posted - 14 January 2012 : 12:52:53 It's legal for them to sell it at the best price they can for a quick sale and mortgage companies often do this.
You are liable for the shortfall. Have you any other debts?
I suggest you speak to the CAB or an expert on here to have a detailed look at your finances and see what the solutions are.
Posted - 13 January 2012 : 15:41:34 Apologies my first post was done via a phone call I can add more info + some detail is wrong.
House was bought with a 100% mortgage for £97,000. Its a joint mortgage with my ex partner, unfortunately shes done a runner so to speak.
I sold the house for £93,000 in 2010. The short fall to complete was £12,000. I borrowed £6000 from family and made the payment. I asked the bank to complete the sale and chase my ex for the £6000. They refused this option.
2 years later and its been reposessed (voluntarily) and sold for £67,000.
Is this legal? I have lots of other odd things regarding the mortgage but I would like the above addressing initially. This has been rolling on for years now with the royal bank of scotland. I have to say they are the worst company I have ever dealt with.
