Shortfall on repossessed property sale and deed of acknowledgement. I have read John's response to PIX1 11.3.09 and am concerned once more that advice from local bureau may not be correct and I may be in the trap. Keys voluntarily surrendered with Signing of finance company's letter acknowledging amongst other things 'you will be liable for any shortfall should the sale price not be sufficient to settle your account'. Last year I thought I was doing the honourable thing and was advised that if I subsequently decided that bankruptcy was my only option then the shortfall would come within the bankruptcy as that would be subsequent to the date on the letter. That seemed a logical explanation but have I been mislead? Would it now be a case of awaiting the final account and then petioning for bankruptcy on the basis that the debt cannot be paid. It is likely to be in the region of £80/100k
if you have already surrendered the house then you would put the mortgage details in the secured section of the SOA in addition you would put your best guess of the shortfall in the Unsecured section. SO this may show £80,000 shortfall in mortgage repayment after sale of house.
Thankyou Paul. I am relieved and grateful for your advice. Learning the hard way seems to be the way life goes these days but we will persevere. Thankyou. David.
quote:Originally posted by Reviva UK
Hi
if you have already surrendered the house then you would put the mortgage details in the secured section of the SOA in addition you would put your best guess of the shortfall in the Unsecured section. SO this may show £80,000 shortfall in mortgage repayment after sale of house.
Shortfall on repossessed property sale
Posted - 15 March 2009 : 08:49:23
