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deborah.od
Posted - 13 November 2009 : 12:27:59 can a bank demand debt of 96000 from a repossed home owned by the person in debt
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Richard P
Posted - 13 November 2009 : 12:44:46 Hi Deborah
Welcome to the forum, sorry to read that you have lost your home
what stage are you at ? ,
I guess you have either handed back your house to the mortgage company or had it repossessed ?
The mortgage company have then sold the property at a significant loss, then sent you a letter to chase the short fall ? they are hoping that you have the odd 96K hidden under the mattress to pay them the short fall.. No me neither but they are trying to establish if you have other assetts
do you have mortgage arrears ? other debts ?
has the letter come from the mortgage company or third party ? if it is the mortgage company you still have plenty of time , letters and phone calls will follow.
ultimately they will chase you but if the 96K is the only debts they will wait until you get yourself back on your feet and then ask for payment .. something in my mind says upto 10 yrs.
if you like, I have (had) other debts i think it would be sensible to make contact with one of the experts and run through all of your situation, they will then be able to discuss all options available to you and help you through the process
