What happens if my house has been reppossesed and is sold for more than I owe?
Asked on Feb 18 2010,
General in Consett |
Once a repossessed property is sold the lender will take any monies owed on the mortgage and all other charges (court costs, interest accrued, bayliff fees etc) out of the sale price. Any monies left over are due to the previous borrow so it is very posible that you would receive money from your lender once everything has been settled.
Answered on Feb 18 2010,
Lenders have a moral, and a legal obligation to obtain the best price they can for a repossessed property. You should perhaps first contact your lenders... you still have rights. Ask them to keep you updated, keep a log of who you spoke to and when. If you are unsure, obtain some legal advice, or perhaps approach the citizens advice bureau. You are entitled to any surplus, after ALL the expenses and the main loan has been settled and satisfied.
Answered on Feb 21 2010,
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